S&P ups Iamgold view to positive

S&P said it revised its outlook on Iamgold Corp. to positive from stable and affirmed its B long-term corporate credit rating and B+ issue-level rating on the company's unsecured notes.

The 2 recovery rating on the company's unsecured notes is unchanged and reflects S&P’s view of substantial (70%-90%; high end of the range) recovery in a simulated default scenario, and an issue-level rating that is one notch above the long-term corporate credit rating.

“The outlook revision follows the upward revision to our gold price assumptions, and also takes into account Iamgold’s more than US$200 million in debt reduction this year and continuing strong cash position,” said S&P credit analyst Jarrett Bilous in a news release.

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