Kinross Joins Mining Junk Pile After Anglo American Downgrade
- S&P cuts Kinross rating, citing higher costs, Russian exposure
- Move follows earlier downgrades for Anglo American, Freeport
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The number of mining companies landing in the junk bin is getting bigger.
Kinross Gold Corp. became the latest miner to have its credit rating cut to junk after Standard & Poor’s on Thursday lowered its rating to BB+ from BBB-. The agency earlier the same day placed Anglo American Plc below investment grade, following similar cuts by Moody’s Investors Service and Fitch Ratings this week. Freeport-McMoRan Inc. was cut to junk by S&P last week, less than a month after Moody’s did the same.