S&P lowers MVPL credit rating to ‘D’
Feb 21, 2014 | 04:10 PM
| Claire Hack
LONDON Ratings agency Standard & Poors (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 MVPLs 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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.