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Moody’s assigns Altura notes (P) Caa1
Moody’s Investors Service said it assigned a provisional or (P) Caa1 corporate family rating to Altura Mining Ltd. and a (P)Caa1 to the proposed senior secured notes to be issued by Altura Lithium Operations Pty Ltd. and guaranteed by Altura. The rating outlook is stable. Moody’s issues provisional ratings in advance of the final sale of securities.
The company’s production of high-grade lithium concentrate, extensive mine life and mining operations in a politically stable mining region supports Altura’s credit profile.
“With regard to governance risks, Altura has concentrated company ownership. Financial policy outcomes have also not been supportive of creditor interests, being characterized by weak liquidity and repeated breaches of financial covenants,” Moody’s said in a press release.
The outlook is stable.
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