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S&P lowers Eurasian Natural Resources
Standard & Poor's said it lowered the long-term corporate credit rating on Eurasian Natural Resources Corp. plc to BB- from BB.
The agency also said it affirmed its B short-term rating.
The outlook is negative.
The downgrade reflects an expectation that the company's debt will increase substantially because of its planned $1.25 billion acquisition of assets in Congo, S&P said, and its very ambitious capital expenditure program for 2012 and 2013.
The downgrade also considers the company's aggressive financial policy and less-than-adequate liquidity, the agency said.
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