Moody’s lifts Volcan, notes to Ba3

Moody's Investors Service said it upgraded Volcan Compania Minera SAA y Subsidiarias’ corporate family rating and senior unsecured notes due in 2022 to Ba3 from B2.

The outlook is stable.

Moody’s said the upgrade reflects the improvement in Volcan's credit metrics observed during 2016, as a result of both higher metals prices, as well as the company's efforts to reduce costs and maintain an adequate liquidity profile.

Volcan's credit metrics posted a significant recovery throughout 2016, with adjusted EBIT margins of 17.8% in LTM ended September 2016, and 24.6% in the 2016 third quarter alone, which favorably compares to 6.8% in 2015.

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