S&P: Hecla Mining view now positive

S&P said it revised its outlook on Hecla Mining Co. to positive from stable and affirmed the B- corporate credit rating on the company.

At the same time, S&P affirmed the B- issue-level rating on the company’s senior unsecured notes. The recovery rating on the senior unsecured debt remains 4, indicating an expectation of average (30%-50%; upper half of the range) recovery in the event of a payment default.

“The positive outlook reflects the increased likelihood that Hecla’s operating performance will exceed our expectations over the next year if silver and gold prices are sustained at levels above our metals price assumptions, such that adjusted leverage remains below 5x and FFO to debt above 12% on a sustained basis,” said S&P credit analyst Ryan Gilmore in a news release.

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