Moody's gives Taseko notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Taseko Mines Ltd.'s proposed $325 million of senior secured notes due 2026 and affirmed its Caa1 corporate family rating, Caa1-PD probability of default rating and Caa1 senior secured bond rating. Taseko's speculative grade liquidity rating was upgraded to SGL-3 from SGL-4.

Taseko intends to use the proceeds to refinance the company's $250 million of senior secured notes due 2022, capital expenditures and working capital.

“Taseko's liquidity is adequate over the next 12 months (SGL-3). The company has about C$185 million of sources compared to our expectation of about C$65 million of uses over the next 12 months,” Moody’s said in a press release.

The outlook remains stable.

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