Moody's trims Tacora Resources

Moody's Investors Service said it downgraded Tacora Resources Inc.’s corporate family and senior secured notes ratings to B3 from B2 but affirmed its probability of default rating at B2-PD.

"The downgrade of Tacora's ratings reflects weak liquidity, lower than expected production in the first half of 2022 that has resulted in high cash costs per tonne, combined with execution risk in achieving increased production and consequently an improved cost profile," said Jamie Koutsoukis, a Moody's analyst, in a press release.

The outlook remains negative.

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