Moody's: Quadra FNX, notes B1

Moody's Investors Service said it assigned first-time corporate family and probability of default ratings of B1 to Quadra FNX Mining Ltd., along with a B1 rating on the company's proposed $500 million of guaranteed senior unsecured notes and a speculative-grade liquidity rating of SGL-1.

The outlook is stable.

The ratings reflect the company's limited diversity and modest size, as well as the relatively short reserve life of the existing mines, Moody's said.

The ratings also consider the material dependence on one mine for a significant portion of the company's copper production, the agency said, and a high cost production profile at a number of its other mines.

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