S&P cuts Mirabela Nickel

Standard & Poor's said it lowered its long-term corporate credit and issue ratings on Mirabela Nickel Ltd. to CCC+ from B-. The outlook on the corporate credit rating is negative.

At the same, S&P affirmed the 4 recovery rating on the company's senior unsecured debt.

"The downgrade reflects our view that Mirabela's liquidity is likely to be inadequate to weather a prolonged period of negative operating cash flow while the company completes its nickel-processing upgrades and equipment modifications," said S&P credit analyst Thomas Jacquot in a news release.

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