S&P gives BBB- to Zijin Mining notes

S&P said it assigned its BBB- long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Zijin International Capital Co. Ltd. Zijin Mining Group Co. Ltd. provides an unconditional and irrevocable guarantee for the securities.

China-based Zijin Mining is a metals producer that mainly engages in the mining and smelting of gold, copper and zinc.

The rating on Zijin Mining is unaffected by the proposed issuance of the guaranteed notes, S&P said.

“The stable outlook on Zijin Mining reflects our view that the company's leverage will remain relatively low and it has sufficient rating buffer to absorb a moderate decline in metal prices over the next 24 months,” S&P said in a news release.

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