S&P: Mirabela Nickel stable

Standard & Poor's said it revised its outlook to stable, from positive, on Mirabela Nickel Ltd.

At the same time, S&P said it affirmed the B- corporate credit rating and senior debt ratings on Mirabela and the recovery rating of 4 on the company's senior debt.

"The outlook revision reflects our view that Mirabela's improvement in unit cash cost of production is slower than we initially forecast. The slower decrease in cash costs combined with the recent close-out of commodity hedges at a cost of about $20 million have resulted in current cash balances being lower than we had anticipated," said S&P credit analyst Thomas Jacquot in a news release.

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