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S&P lowers Mongolian Mining
Standard & Poor’s said it lowered the corporate credit rating on Mongolian Mining Corp. to CCC- from CCC, along with the rating on its $600 million senior unsecured notes to CCC- from CCC.
The downgrade follows news that the company has hired advisors to provide advice on the potential restructuring of the company’s outstanding notes, S&P said.
Any transaction or debt exchange would likely be substantially less than par value given that the company’s unsecured notes currently trade at less than 30-cents on the dollar, the agency said.
A default will likely occur within the next six months, S&P said, barring an agreement with the company’s creditors on a restructuring.
This is because the company needs to repay more than $150 million in debt amortization and interests in 2016, the agency said.
The company, however, has been cutting operating costs substantially over the past 12 months to stabilize its operating performance, S&P said.
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