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Prospect News home > News index > List of issuers A > Headlines for Altura Lithium Operations Pty Ltd. > News item |
Fitch gives Altura notes CCC+
Fitch Ratings said it assigned Altura Mining Ltd. proposed dollar-denominated senior secured notes an expected rating of CCC+ and a recovery rating of RR4. Fitch also assigned a first-time long-term foreign-currency issuer default rating of CCC+.
The proposed notes will be sold by Altura Lithium Operations Pty Ltd. and are guaranteed by Altura Mining. The proposed notes are rated at the same level as the IDR because Altura will guarantee them. “The CCC+ IDR reflects the company’s high interest burden and looming debt maturity should the company fail to sell contracted volume and maintain its floor price over the next 12-24 months. AJM’s rating also reflects its small scale of operations and single product focus,” Fitch said in a press release.
Proceeds will be used to refinance $143 million of secured notes due August 2020.
The outlook is stable.
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