S&P ups Taseko Mines, notes to B-

S&P said it raised its long-term corporate credit and issue-level ratings on Taseko Mines Ltd. to B- from CCC+.

The outlook is stable.

At the same time, the agency upgraded its issue-level rating on Taseko's unsecured notes to B- from CCC and revised the recovery rating to 4 from 5. The 4 recovery rating corresponds with average (30%-50%, rounded estimate 30%) recovery in the event of default.

"The upgrade reflects material improvement in Taseko's cash flows in 2016 and our expectation that the company will generate meaningful free cash flows in 2017," S&P credit analyst Jarrett Bilous said in a news release.

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