Moody's lowers Mirabela Nickel

Moody's Investors Service said it downgraded Mirabela Nickel Ltd's corporate family and senior unsecured rating to Caa1 from B3. The outlook is negative.

"Today's rating action reflects Moody's concern that Mirabela's liquidity is under increasing pressure given the ongoing weak nickel pricing environment combined with continued high cash costs of production and a significant amount of capital expenditures expected in 2012," said Matthew Moore, a

Moody's assistant vice president - analyst, in a news release.

The agency said the rating action concludes the review for downgrade initiated on April 11.

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