S&P lowers Coronado Global Resources

S&P said it lowered its issuer credit rating on Coronado Global Resources Inc. to B- from B.

The outlook is negative.

Waivers on Coronado Global Resources’ syndicated facility agreement expire on Sept. 30, 2021, and the Australia-based coal company is unlikely to satisfy its covenant test for Sept. 30, 2021, S&P said.

“It is not immediately clear to us whether the lenders will grant an additional covenant waiver. Coronado is reviewing its capital structure to support its liquidity,” S&P said in a news release.

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