S&P lifts Coeur D'Alene

Standard & Poor's said it raised its issue-level rating on Coeur D'Alene Mines Corp.'s (B-/positive) senior unsecured notes due 2024 and 2028 to B-, the same as the corporate credit rating, from CCC+.

At the same time, S&P said it revised the recovery rating on the notes to 4 from 5.

The upgrade of the issue-level rating follows its latest assessment of the company's net enterprise value using its recovery rating methodology, the agency said.

Factoring in the combination of the value S&P said it believes is now attributable to the fully permitted Kensington mine and the improved reserve profile at Palmarejo, the company's net enterprise value at the time of default will likely be higher than it previously expected.

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