Moody's places 11 mining companies rated in the US on review for downgrade
New York, January 21, 2016 -- Moody's Investors Service has placed the ratings of 11 mining companies rated in the US and their rated subsidiaries, on review for downgrade. A complete set of companies and rating actions is listed below.
The actions reflect Moody's effort to recalibrate the ratings in the mining portfolio to align with the fundamental shift in the credit conditions of the global mining sector.
"Slowing growth in China, which consumes and produces at least half of base metals, and is a material player in the precious metals, iron ore and metallurgical coal markets is weakening demand for these commodities and driving prices to multi-year lows," says Carol Cowan, a Moody's Senior Vice President. "China's outsized influence on the commodities market, coupled with the need for significant recalibration of supply to bring the industry back into balance indicates that this is not a normal cyclical downturn, but a fundamental shift that will place an unprecedented level of stress on mining companies."
On Review for Downgrade: ..Issuer: Alcoa Inc. .... Corporate Family Rating, Ba1, Placed on Review for Downgrade .... Probability of Default Rating, Ba1-PD, Placed on Review for Downgrade ....Senior Unsecured Shelf, (P)Ba1, Placed on Review for Downgrade ....Pref. Stock Preferred Stock, Ba2 (LGD6), Placed on Review for Downgrade ....Senior Unsecured Medium-Term Note Program, (P)Ba1, Placed on Review for Downgrade ....Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on Review for Downgrade ..Issuer: Iowa Finance Authority ....Backed Senior Unsecured Revenue Bonds, Ba1 (LGD4), Placed on Review for Downgrade ..Issuer: Chelan County Development Corporation, WA ....Backed Senior Unsecured Revenue Bonds, Ba1 (LGD4), Placed on Review for Downgrade ..Issuer: Hecla Mining Company .... Corporate Family Rating, B2, Placed on Review for Downgrade .... Probability of Default Rating, B2-PD, Placed on Review for Downgrade ....Senior Unsecured Regular Bond/Debenture, B3 (LGD4), Placed on Review for Downgrade ..Issuer: Newmont Mining Corporation ....Backed Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade ....Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review for Downgrade ..Issuer: Rio Tinto (Commercial Paper) Limited ....Backed Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade ..Issuer: Rio Tinto (Commercial Paper) plc ....Backed Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade ..Issuer: Rio Tinto America Inc. .... Backed Issuer Rating, A3, Placed on Review for Downgrade ....Backed Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade ..Issuer: Rio Tinto Finance (USA) Limited ....Backed Senior Unsecured Medium-Term Note Program, (P)A3, Placed on Review for Downgrade ....Backed Senior Unsecured Regular Bond/Debenture, A3, Placed on Review for Downgrade ....Backed Senior Unsecured Shelf, (P)A3, Placed on Review for Downgrade ..Issuer: Rio Tinto Finance (USA) plc ....Backed Senior Unsecured Medium-Term Note Program, (P)A3, Placed on Review for Downgrade ....Backed Senior Unsecured Regular Bond/Debenture, A3, Placed on Review for Downgrade ....Backed Senior Unsecured Shelf, (P)A3, Placed on Review for Downgrade ..Issuer: Rio Tinto Finance Canada Inc ....Backed Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade ..Issuer: Rio Tinto Finance Limited ....Backed Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade ..Issuer: Rio Tinto Finance plc ....Backed Issuer Rating, A3, Placed on Review for Downgrade ....Backed Senior Unsecured Commercial Paper, P-2, Placed on Review for Downgrade ....Backed Senior Unsecured Regular Bond/Debenture, A3, Placed on Review for Downgrade ..Issuer: Rio Tinto Limited .... Issuer Rating, A3, Placed on Review for Downgrade ..Issuer: Rio Tinto plc .... Issuer Rating, A3, Placed on Review for Downgrade ..Issuer: Salt Lake County ....Backed Senior Unsecured Revenue Bonds, A3, VMIG 2, Placed on Review for Downgrade ..Issuer: Armstrong Energy, Inc. .... Corporate Family Rating, B3, Placed on Review for downgrade .... Probability of Default Rating, B3-PD, Placed on Review for downgrade ....Senior Secured Regular Bond/Debenture, B3 (LGD3), Placed on Review for downgrade ..Issuer: Bowie Resource Partners LLC .... Corporate Family Rating, B2, Placed on Review for downgrade .... Probability of Default Rating, B2-PD , Placed on Review for downgrade ....Senior Secured Bank Credit Facility, B1 (LGD3), Placed on Review for downgrade ....Senior Secured Bank Credit Facility, Caa1 (LGD5), Placed on Review for downgrade ..Issuer: Cloud Peak Energy Resources LLC .... Corporate Family Rating, B1, Placed on Review for downgrade .... Probability of Default Rating, B1-PD, Placed on Review for downgrade ....Senior Unsecured Regular Bond/Debenture, B3 (LGD5), Placed on Review for downgrade ....Backed Senior Unsecured Regular Bond/Debenture, B3 (LGD5), Placed on Review for downgrade ..Issuer: Coeur Mining, Inc. .... Corporate Family Rating, B3, Placed on Review for downgrade .... Probability of Default Rating, B3-PD, Placed on Review for downgrade ....Senior Secured Bank Credit Facility, Ba3 (LGD1), Placed on Review for downgrade ....Senior Unsecured Regular Bond/Debenture, Caa1 (LGD4), Placed on Review for downgrade ..Issuer: CONSOL Energy Inc. .... Corporate Family Rating, B1, Placed on Review for downgrade .... Probability of Default Rating, B1-PD, Placed on Review for downgrade ....Senior Unsecured Regular Bond/Debenture, B3 (LGD5), Placed on Review for downgrade ..Issuer: Natural Resource Partners L.P. .... Corporate Family Rating, B1, Placed on Review for downgrade .... Probability of Default Rating, B1-PD, Placed on Review for downgrade ....Senior Unsecured Regular Bond/Debenture, B3 (LGD5), Placed on Review for downgrade ....Backed Senior Unsecured Regular Bond/Debenture, B3 (LGD5), Placed on Review for downgrade ..Issuer: Westmoreland Coal Company .... Corporate Family Rating, B3, Placed on Review for downgrade .... Probability of Default Rating, B3-PD, Placed on Review for downgrade ....Senior Secured Bank Credit Facility, Caa1 (LGD4), Placed on Review for downgrade ....Senior Secured Regular Bond/Debenture, Caa1 (LGD4), Placed on Review for downgrade Outlook Actions: ..Issuer: Alcoa Inc. ....Outlook, Changed To Rating Under Review From Developing ..Issuer: Hecla Mining Company ....Outlook, Changed To Rating Under Review From Negative ..Issuer: Newmont Mining Corporation ....Outlook, Changed To Rating Under Review From Negative ..Issuer: Rio Tinto (Commercial Paper) Limited ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto (Commercial Paper) plc ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto America Inc. ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto Finance (USA) Limited ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto Finance (USA) plc ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto Finance Canada Inc ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto Finance Limited ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto Finance plc ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto Limited ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Rio Tinto plc ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Armstrong Energy, Inc. ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Bowie Resource Partners LLC ....Outlook, Changed To Rating Under Review From Stable ..Issuer: Cloud Peak Energy Resources LLC ....Outlook, Changed To Rating Under Review From Negative ..Issuer: Coeur Mining, Inc. ....Outlook, Changed To Rating Under Review From Positive ..Issuer: CONSOL Energy Inc. ....Outlook, Changed To Rating Under Review From Negative ..Issuer: Natural Resource Partners L.P. ....Outlook, Changed To Rating Under Review From Negative ..Issuer: Westmoreland Coal Company ....Outlook, Changed To Rating Under Review From Stable Unchanged: ..Issuer: Alcoa Inc. .... Speculative Grade Liquidity Rating, Unchanged at SGL-1 ..Issuer: Hecla Mining Company .... Speculative Grade Liquidity Rating, Unchanged at SGL-2 ..Issuer: Cloud Peak Energy Resources LLC .... Speculative Grade Liquidity Rating, Unchanged at SGL-2 ..Issuer: Coeur Mining, Inc. .... Speculative Grade Liquidity Rating, Unchanged at SGL-2 ..Issuer: CONSOL Energy Inc. .... Speculative Grade Liquidity Rating, Unchanged at SGL-3 ..Issuer: Natural Resource Partners L.P. .... Speculative Grade Liquidity Rating, Unchanged at SGL-3 ..Issuer: Westmoreland Coal Company .... Speculative Grade Liquidity Rating, Unchanged at SGL-3