28 de noviembre de 2014 / 15:33 / en 3 años

Fitch: No Impact on Molymet's Rating From Reported Net Losses

(The following statement was released by the rating agency) CHICAGO, November 28 (Fitch) Fitch Ratings says that there is no impact on Molibdenos y Metales S.A.'s (Molymet; BBB/Stable) ratings from reported net losses. The company's net losses mainly related to a non-cash and non-recurring accounting loss of USD273m related to their investment in Molycorp, with no effect on Molymet's credit profile. Of the USD273m, USD70m corresponds to an assessment of the mining value, USD196m to an impairment test over the investment in Molycorp, and USD7m to changes in Molycorp's equity. For the LTM ended 30 September 2014, Molymet has been able to improve its operating generation by increasing its EBITDA by 39% to USD156m compared with the previous year. Almost all of its business lines recorded a better operating performance, especially in its "own sales" segment. Net debt/EBITDA ratio reached 2.1x, a significant increase from the 3.3x recorded at YE2013. The company showed a strong capital structure resulting in an average net debt to EBITDA ratio of 1.1x from 2010 to September 2014. Molymet benefits from stable tolling and by-products business lines, which accounted for about 70% of EBITDA and provided cash flow stability and visibility from long-term contracts. Molymet maintains healthy liquidity, with a cash position of USD208m as of September 2014, and additional access to available lines of credit totaling more than USD1bn. The company's liquidity ratios were solid for the period, with a cash to short-term debt ratio at 1.4x . Molymet's ratings are as follows: --Foreign currency Long-term IDR 'BBB'; --Local currency Long-term IDR 'BBB'; --Unsecured debt due 2018 and 2023 'BBB'; --National scale rating 'A+(cl)'; --National scale rating 'AA+(mex)'; --National scale rating 'AAA(col)'; --Senior unsecured rating 'A+(cl)'; --Senior unsecured rating 'AAA(col)'; --Certificados Bursatiles 'AA+(mex)'; --National Equity Rating Level 3. The Rating Outlook is Stable. Contact: Jay Djemal Director +1-312-368-3134 Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60602 Alejandra Fernandez Director +56-2-2499-3323 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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