S&P changes Minsur to stable

S&P said it affirmed the BBB- corporate credit and senior unsecured debt ratings on Minsur SA and revised the outlook to stable from negative.

The agency said the revision reflects that, despite increasing debt and capital expenditures in coming years due to the development of its Marcobre project, the company will continue to benefit from the support of Inversiones Breca over the next 12-24 months, given the strategic role that it plays within the group's structure.

S&P said the ratings reflect Minsur’s status as the third-largest tin producer in the world, its high EBITDA margins due to the low-cost structure of its main mine, San Rafael, and its vertical integration in the smelting process.

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