Mongolian Mining’s Rating Cut by Moody’s on Debt Concern
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Mongolian Mining Corp., which sells 42 percent of the nation’s coal to China, was downgraded by Moody’s Investors Service because of concern it may not be able to pay its debt.
The miner’s rating was cut to Caa2, the fourth-lowest non-investment grade, from Caa1, as a result of a review started on Aug. 15, Moody’s said yesterday in a statement. The Ulaanbaatar-based company is negotiating waivers and relaxation of its bank covenants, Moody’s said.