S&P upgrades Teck, notes

S&P said it raised the long-term corporate credit rating on Teck Resources Ltd. to BB+ from BB and raised the issue-level ratings on the company's guaranteed and non-guaranteed senior unsecured notes to BB+ from BB.

The recovery rating on the guaranteed notes is unchanged at 3 (50%-70%, capped).

S&P revised the recovery rating on Teck's non-guaranteed notes to 3 from 4, indicating an expectation of meaningful (50%-70%; rounded estimate 50%) recovery.

The outlook is stable.

“The upgrade primarily reflects our expectation for Teck to sustain credit ratios that are conservative for the rating over the next two years,” the agency said in a news release.

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