Fitch affirms Molymet

Fitch Ratings said it affirmed Molibdenos y Metales SA's foreign-currency issuer default rating at BBB, local-currency issuer default rating at BBB, national scale rating at A+(cl), senior unsecured rating at A+(cl) and certificados bursatiles AA+(mex).

The outlook is stable.

Fitch said the affirmation of Molymet's ratings during a time of low demand in its main end-user markets of iron and steel reflects the company's historical approach of maintaining a conservative capital structure, its current strong cash position and low leverage with an average total debt-to-EBITDA ratio since 2005 of 1.8 times and average net debt-to-EBITDA ratio of 1.3x.

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