S&P lifts Bemax Resources

Standard & Poor's said it raised its corporate credit rating and issue ratings on Bemax Resources Ltd. to B from B-. The outlook is stable.

At the same time, the agency said it affirmed the recovery rating of 4 on Bemax's $175 million bond.

"The upgrade reflects our expectation that a favorable pricing environment and the ramp-up of Bemax's Snapper mine should continue to support the company's earnings and credit metrics in the next two years," S&P credit analyst May Zhong said in a news release.

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