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Moody’s slices Volcan
Moody's Investors Service said it downgraded Volcan Compania Minera SAA y Subsidiarias' corporate family rating and senior unsecured ratings to Caa3 from Caa1.
“The downgrade of Volcan's ratings reflects the increasing refinancing risk and risk of debt restructuring over the next few months given the lack of meaningful progress improving liquidity to refinance its upcoming debt maturities. The rating action also reflects limited financial flexibility over the next few quarters,” Moody’s said in a statement.
The agency said it expects Volcan to generate around $150 million in negative free cash flow in 2024 amid $105 million in debt maturities in three quarterly amortizations.
The outlook remains negative.
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