- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Lower Rating for Boart Reflects S&P’s Poor Gold, Copper, Iron Outlook
Mineweb reported that Standard & Poor’s Financial Services LLC has lowered its rating for drilling company Boart Longyear Ltd. (ASX:BLY) in part due to its view that gold, copper and iron prices will not improve this year or in 2015.
Mineweb reported that Standard & Poor’s Financial Services LLC has lowered its rating for drilling company Boart Longyear Ltd. (ASX:BLY) in part due to its view that gold, copper and iron prices will not improve this year or in 2015.
As quoted in the market news:
The credit ratings agency lowered Boast’s corporate credit rating from ‘B’ to ‘CCC+’ and lowered its issue level ratings on subsidiary Boart Longyear Management Pty Ltd.’s secured notes from ‘BB-‘ to ‘B’ and its senior unsecured notes from ‘B’ to ‘CCC+’.
‘The negative outlook reflects our view that Boart Longyear’s EBITDA will remain low and its leverage very high over the next 12 month, as stubbornly weak prices for many metals depress investment by miners,’ said S&P analysts James E. Fielding and Marie A. Shmaruk.
‘An upgrade is unlikely over the next 12 months given our expectation that gold, copper and iron ore prices will not improve in 2014 or 2015,’ said the analysts. ‘In this scenario, we would expect limited exploration investment by commodities miners and limited demand for Boart Longyear’s drilling services and products.’
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.