Fitch rates Volcan notes BB

Fitch Ratings said it assigned Volcan Compania Minera SAA’s proposed offering of $450 million of notes due 2026.

Proceeds will be used to repay a portion of its 2022 notes and as part of its syndicated bank loan

Fitch also revised Volcan’s outlook to positive from negative and affirmed its BB ratings.

“The positive outlook reflects Volcan’s decision to raise $400 million in equity, which is significantly higher than the $200 million expectation Fitch previously factored into its BB rating through a combination of asset sales or equity raises. An upgrade to BB+ of the aforementioned ratings is likely if the company successfully executes an issuance of this size,” Fitch said in a press release.

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