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Moody’s moves Gopher outlook to negative
Moody’s Investors Service said it changed its outlook for Gopher Resource LLC to negative from stable and affirmed its ratings, including the Caa1 corporate family rating and senior secured first-lien debt rating.
“The change in outlook to negative reflects Gopher's weak liquidity with high refinancing risk over the next year. It also reflects the company's high financial leverage driven by unplanned plant disruptions and continued uncertainty as to the timing for resolving litigation tied to prior worker safety concerns at the Tampa plant,” Moody’s said in a press release.
However, the agency said it projects Gopher’s leverage will retreat gradually towards 7.5x in 2024, based on better pricing, enhanced labor and plant efficiencies, and a backdrop of strong demand for recycled lead. “This should support improving EBITDA margin into 2025.”
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