S&P cuts Hecla Mining

S&P said it lowered the issuer credit rating on Hecla Mining Co. to B- from B+ and the issue-level ratings on Hecla's $500 million senior notes due May 2021 to B- from B+.

The outlook is negative.

Leverage will improve but remain close to 5x over the next year, which could make it difficult for Hecla to refinance its $500 million of senior notes, S&P said in a news release.

S&P also revised Hecla's liquidity assessment to less than adequate, from adequate, reflecting increased refinancing risk as its debt maturities approach and the company generates less cash flow than expected.

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