S&P raises Mongolian Mining

S&P said it raised its ratings for Mongolian Mining Corp. and its guaranteed senior unsecured notes to CCC from SD and D, respectively.

The upgrade follows MMC’s completion of its tender offer for its unsecured notes due 2024, the agency said. For more details on the results, see Prospect News’ Dec. 7 story.

“About $376 million of the notes due in April 2024 were not exchanged, and we continue to view MMC's non-repayment risk for its debt as high for the next 12-15 months. This is based on the Mongolia-based mining company's unsustainable capital structure and weak liquidity,” S&P said in a press release.

The outlook is negative.

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