Fitch upgrades Teck, view to positive

Fitch Ratings said it upgraded the issuer default rating on Teck Resources Ltd. to BB from B+, along with the ratings on its outstanding debt.

The company’s outlook also was revised to positive from negative.

The two-notch upgrade results from significant repayment of debt, coupled with improvement in the metallurgical coal market, Fitch explained.

Fitch upgraded the guaranteed notes and credit facilities to BB+ with recovery rating of RR2 from BB- with recovery rating of RR3, along with the notes not benefitting from guarantees to BB with recovery rating of RR4 from B- with recovery rating of RR6.

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