Moody's: Mirabela Nickel stable

Moody's Investors Service said it changed the outlook on the Caa1 corporate family and senior unsecured ratings of Mirabela Nickel Ltd. to stable from negative.

"The outlook change to stable reflects Mirabela's improved liquidity position resulting from the company's continued improvement in operating metrics and the equity raising in June 2013", said Matthew Moore, a Moody's assistant vice president - analyst, in a news release.

"Mirabela has recently announced that it has significantly reduced its cash cost position for the second consecutive quarter. This combined with average nickel price performance has allowed the company to begin to generate operating cash flow and maintain its now solid cash balances," Moore said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.