S&P trims Tacora

S&P said it lowered its ratings on Tacora Resources Inc., including its issuer credit rating on the company, to CCC+ from B- and placed the ratings on CreditWatch with negative implications due to the uncertainty associated with Tacora's potential new financing.

“The company noted that the delay will provide the necessary time to negotiate and announce new funding sources, currently in progress. S&P Global Ratings understands Tacora is close to announcing a funding transaction to bolster the company's cash position, but details have not been provided. We believe the need to delay the release of Tacora's third-quarter 2022 results could indicate the company's heightened near-term requirement for a cash infusion, particularly given weaker-than-expected market conditions for much of this year,” S&P said in a press release.

The agency said it plans to resolve the CreditWatch within the next couple of weeks following visibility on the status of the company's proposed financing and the release of Tacora's third-quarter 2022 financial results.

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