S&P rates Hudson Bay notes B

Standard & Poor's said it assigned its B long-term corporate credit rating to Hudson Bay Mining and Smelting Co. Ltd.

At the same time, S&P assigned its B rating to the proposed $200 million senior secured notes issued by HudBay Mining and Smelting Inc., which will become obligations of Hudson Bay on closing of the transaction. The outlook is stable.

S&P said the ratings reflect the company's very limited operating diversity, exposure to volatile metals prices and aggressive capital structure.

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