S&P lowers Taseko

Standard & Poor’s said it lowered the long-term corporate credit and issue-level ratings on Taseko Mining Ltd. to B- from B.

The outlook is negative.

The 3 recovery rating on the company’s unsecured notes is unchanged and reflects 50% to 70% expected default recovery.

simulated default scenario.

The downgrade reflects an expectation that Taseko will generate weaker-than-expected cash flow over the next two years, S&P said.

The downgrade also considers the recent downward revision of copper price assumptions over the next two years to $2.70 per pound from $3.10 per pound, the agency said.

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