Fitch affirms Teck Resources

Fitch Ratings said it affirmed Teck Resources Ltd.'s issuer default rating at BB+.

The outlook is positive.

“Teck's current rating reflects modest leverage, low country risk and strong profitability and cash flows at current commodity prices and capital spending levels,” the agency said in a news release.

Fitch said the outlook reflects significant repayment of debt and improved earnings and cash flow following the recovery of commodity prices as well as a view that leverage could be sustainably within BBB category levels depending on the ownership and financing of project QB2 and Teck's capital allocation policy despite a capital intensive period and the view that coal and zinc prices will moderate.

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