Moody’s cuts Northwest Acquisitions

Moody's Investors Service said it downgraded Northwest Acquisitions ULC's corporate family rating to B3 from Ba3, probability of default rating to B3-PD from Ba3-PD, its first-lien secured rating to B1 from Ba1 and its second-lien secured rating to B3 from Ba3.

Moody's also withdrew the speculative grade liquidity rating previously assessed at SGL-2.

The outlook is stable.

“Northwest's ratings have been downgraded because of materially lower production expected in 2019, continued weak diamond pricing, a now uncertain development plan to address its short mine life, and the likelihood of a covenant breach in 2019,” Jamie Koutsoukis, Moody's vice-president, senior analyst, said in a news release.

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