Moody's lowers Mirabela Nickel to Ca

Moody's Investors Service said it downgraded the corporate family rating and senior unsecured rating of Mirabela Nickel Pty Ltd. to Ca from Caa3.

The outlook is negative.

The downgrade follows the company's announcement that it missed the semi-annual coupon payment - due Oct. 15, 2013 - on its $395 million senior unsecured notes, which are rated by Moody's. Under the terms of the notes, non-payment of coupon within 30 days of its due date constitutes an event of default.

"The ratings downgrade reflects the high uncertainty surrounding the company's ability to make the coupon payment within the 30-day grace period," Moody's vice president and senior analyst Matthew Moore said in a news release.

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