S&P stabilizes Coronado Global view

S&P said it changed Coronado Global Resources Inc.’s outlook to stable from negative and affirmed the B- issuer and B senior secured notes ratings.

“We forecast Australia-based coal company Coronado Global Resources Inc. will generate positive free cash flow in fiscal 2021 after a strong rebound of metallurgical (met) coal prices in recent months, which should improve its liquidity position. That said, we expect coal prices to normalize next year, which should moderate free cash outflow, lifting the company's adjusted debt-to-EBITDA ratio to around 3x-4x in 2022 from an estimated 2x this year,” the agency said in a press release.

S&P said the outlook also reflects the view the company will keep building a liquidity buffer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.