Moody’s ups Thompson Creek, debt

Moody's Investors Service said it upgraded Thompson Creek Metals Co. Inc.'s corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD, senior secured rating to Ba3 from B1 and senior unsecured ratings to Caa1 from Caa2.

The speculative grade liquidity rating was affirmed at SGL-3.

The outlook is stable.

"The upgrade of Thompson Creek's CFR to B3 reflects a reduction in its risks following several months of positive performance and cash flow trends at its new Mt. Milligan copper-gold mine," Moody's vice president and senior credit officer Darren Kirk said in a news release.

"We have gained increased confidence that these trends will continue, offsetting an expected reduction in cash flows from its Molybdenum operations next year. The company's liquidity serves as an adequate buffer against ongoing execution risks."

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