Moody’s might drop Thompson Creek

Moody's Investors Service said it placed Thompson Creek Metals Co. Inc.’s Caa1 corporate family rating, Caa1-PD probability of default rating, B1 senior secured rating and Caa2 senior unsecured ratings under review for upgrade.

The review follows the company’s announcement of a definitive arrangement to be acquired by Centerra Gold Inc. (unrated).

At closing or soon thereafter, Centerra will redeem all of Thompson Creek's secured and unsecured notes at their call price.

Moody’s said the Caa1 corporate family rating is under review for upgrade because all of the company’s rated debt will be redeemed upon closing of its acquisition by Centerra Gold. The agency expects to withdraw all ratings of Thompson Creek if the acquisition closes and the debt is redeemed.

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