DBRS ups Teck Resources

DBRS said it upgraded Teck Resources Ltd.’s issuer rating and senior notes rating to BBB from BBB (low).

The upgrade is the result of Teck’s getting adequate financing for the Quebrada Blanca Two expansion by way of a US$2.5 billion limited recourse project financing facility expected to close by the end of the third quarter of 2019 and the redemption of its 8.5% June 2024 senior notes as early as possible on June 29, thereby reducing its debt by US$600 million and leading to an improvement in its credit metrics, said DBRS in a press release.

The trends remain stable.

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