Moody's: Iamgold view to negative

Moody's Investors Service affirmed Iamgold Corp.'s Ba3 corporate family rating, Ba3-PD probability of default rating, B1 senior subordinate notes rating and SGL-2 speculative grade liquidity rating.

The company's outlook was changed to negative from stable.

"The change in Iamgold's outlook reflects our view that the company's relatively high cash costs could continue to increase over the next few years as it processes a greater amount of harder ore at its two largest gold mines," Moody's vice president and senior credit officer Darren Kirk said in a news release.

"As well, execution risks to ramping up production at its Westwood underground operations in Canada have persisted longer than we previously expected, and any further delays would have adverse implications on Iamgold's cost position and business profile."

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