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Moody’s cuts Coronado
Moody’s Investors Service said it downgraded Coronado Global Resources Inc.’s corporate family rating to B1 from Ba3.
At the same time, Moody’s changed the outlook on the rating to negative from stable.
“The rating downgrade reflects Coronado’s weak cash generation amid soft coal prices, and the reduction in the flexibility against its financial covenants unless coal prices improve,” said Saranga Ranasinghe, a Moody’s vice president and senior analyst, in a press release.
“At the same time, the negative outlook reflects Moody’s expectation that Coronado’s credit metrics will remain weak over the next 12 months,” added Ranasinghe.
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