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S&P puts First Quantum, Inmet Mining on watch
Standard & Poor's said it has placed its B+ corporate credit rating on First Quantum Minerals Ltd. on CreditWatch with negative implications and put the B+ rating on Inmet Mining Corp. on CreditWatch negative.
The CreditWatch placement follows First Quantum's announcement on Jan. 9 that it has sent its C$5.1 billion takeover offer for Inmet Mining (B+/watch negative) to its shareholders.
S&P said the CreditWatch placement reflects primarily the refinancing risk of the transaction for the combined entity if it goes ahead, but also a potential increase in debt and the possible escalation of the bid price.
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