S&P lowers MVPL credit rating to ‘D’

Feb 21, 2014 | 04:10 PM | Claire Hack

Tags  credit rating, downgrade, Midwest Vanadium Pty. Ltd., Atlantic Ltd., Windamurra project, vanadium, mining, Standard & Poors S&P

LONDON — Ratings agency Standard & Poor’s (S&P) has lowered its rating for Australian mining company Midwest Vanadium Pty Ltd. (MVPL) to "D" from "CCC-."

The agency also lowered the recovery rating on MVPL’s unsecured notes to 5 from 4, indicating expectations for modest recovery for noteholders, while the ratings were removed from CreditWatch with negative implications.

MVPL, which runs the Windimurra vanadium project and is a subsidiary of Perth, Australia-based Atlantic Ltd., did not pay its interest obligations of $19 million Feb. 15, leading to the downgrade, S&P said.....

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