S&P takes actions on metals, mining companies

S&P said it reviewed its recovery and issue-level ratings in the U.S. metals and mining downstream and upstream sectors for speculative-grade corporate issuers that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With its criteria review complete, the agency removed the UCO designation from these ratings and revised issue-level and recovery ratings as appropriate.

The actions stem solely from the application of S&P’s revised recovery criteria and do not reflect any change in its assessment of the corporate credit ratings for issuers of the affected debt issues.

Bowie Resource Partners LLC’s senior secured first-lien rating was upgraded to B from CCC+ with the recovery rating revised to 1 from 3H and senior secured second-lien rating was lifted to CCC from CCC- with the recovery rating revised to 5L from 6.

Cliffs Natural Resources Inc.’s senior secured second-lien rating was upgraded to B- from CCC+ with the recovery rating revised to 2L from 3L.

U.S. Silica Co.’s senior secured rating was raised to B+ from B with the recovery rating revised to 2H from 3H.

Westmoreland Coal Co.’s senior secured rating was lifted to B from B- with the recovery rating revised to 4L from 5H.

Allegheny Ludlum Corp.’s senior unsecured rating was cut to B+ from BB- with the recovery rating revised to 2H from 1.

Boart Longyear Management Pty. Ltd.’s senior secured rating was downgraded to B- from B with the recovery rating revised to 2L from 1 and senior unsecured rating was cut to CCC from CCC+ with the recovery rating revised to 5L from 4L.

Century Aluminum Co.’s senior secured rating was lowered to B+ from BB- with the recovery rating revised to 2H from 1.

Hi-Crush Partners LP’s senior secured rating was downgraded to B from B+ with the recovery rating revised to 2L from 1.

MRC Global (US) Inc.’s senior secured rating was lowered to B from B+ with the recovery rating revised to 3H from 2L.

Preferred Proppants LLC’s senior secured rating was cut to CCC from CCC+ with the recovery rating revised to 3H from 2L.

Stillwater Mining Co.’s senior unsecured rating was lowered to BB- from BB with the recovery rating revised to 2H from 1.

Global Brass and Copper Inc.’s senior secured rating was affirmed at BB- with the recovery rating revised to 3H from 4H.

Hecla Mining Co.’s senior unsecured rating was affirmed at B- with the recovery rating revised to 3H from 4H.

International Wire Group Inc.’s senior secured rating was affirmed at B with the recovery rating revised to 3H from 4H.

Allegheny Technologies Inc.’s senior unsecured rating was affirmed at B with the recovery rating revised to 3L from 3H.

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