Moody's: Teck Cominco unchanged

Moody's Investors Service said that Teck Cominco Ltd.'s (Ba3, negative) commitment letter covering the bridge extension and deferral of loan payments will have no impact on its Ba3 corporate family rating or negative outlook, although these actions represent positive developments from a ratings perspective as they substantially reduce Teck's near term refinancing risk.

The last rating action on Teck Cominco was a downgrade of the company's corporate family rating to Ba3 from Ba1 on Feb. 6, the agency noted.

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