Moody's confirms Mongolian Mining

Moody's Investors Service said it confirmed Mongolian Mining Corp.’s B3 corporate family rating with a stable outlook and its B3 senior unsecured rating of the senior notes issued by MMC and its subsidiary Energy Resources LLC and guaranteed by other key subsidiaries.

Previously, the rating was on review for downgrade. This rating action concludes the review for downgrade Moody's started on June 7.

"The rating confirmation with a stable outlook reflects our expectation that, with MMC's recent completion of the exchange offer for the majority of its 2024 bond and the new money issuance, the company's liquidity profile has improved with buffers to address its cash needs over the next 12-18 months," said Shawn Xiong, a Moody's vice president and senior analyst, in a press release.

"Moody's also expects the company's integrated coal operations to remain solid amid price volatility," Xiong added.

© 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.