Moody's ups Hudson Bay debt to B3

Moody's Investors Service said it raised Hudson Bay Mining and Smelting Co., Ltd.'s corporate family and senior secured ratings to B1 from B3 and raised to SGL-1 the speculative grade liquidity rating of Hudson Bay's parent, HudBay Minerals, Inc.

The upgrade to B1 reflects Hudson Bay's outstanding earnings performance in the past 18 months and its use of free cash flow to substantially reduce debt, Moody's said.

The B1 corporate family rating reflects the company's significant exposure to zinc and copper prices and to the Canadian dollar, its significant reliance on one mine and its relatively small size.

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