Credit tightens in mining sector as ratings suffer

Nov 26, 2007 | 11:09 AM | Matthew Lerner

The runaway success of many large mining and metals companies coupled with high metal prices have made borrowing for expansions and acquisitions easy, but those funds are now beginning to dry up in the current credit crunch, according to Standard & Poor's, the New York based ratings service.

"The bad news is that almost all the volume was in the first half of the year," Robert Polenberg, director of S&P's leveraged commentary and data, said at a recent conference in New York focusing on the emerging debt crisis. "There is very little new business. It was a healthy market, but everything came to a head after the June credit crunch, and we saw deals pulled from the....

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