Moody’s upgrades Iamgold, notes

Moody's Investors Service said it upgraded Iamgold Corp.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and senior unsecured notes rating to B2 from B3.

The speculative grade liquidity rating of SGL-1 was affirmed.

The outlook remains positive.

"Iamgold's ratings upgrade is driven by its low leverage, available cash in excess of debt, declining cash costs and increasing production at its Westwood mine," Moody's vice president senior analyst Jamie Koutsoukis said in a news release.

"The positive outlook reflects our expectation Iamgold will continue to improve costs, and maintain leverage under 2x."

© 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.