Monday, June 17, 2019 12:10:06 PM
S&PGR Lowers Hecla ICR To 'B-' From 'B+'; Outlook Negative
The following is a press release from S&P Global Ratings:
-- Silver and gold producer Hecla Mining Co. is scaling back development
at its Nevada operations, acquired in 2018, following lower than expected
production there stemming from operational problems and high costs.
-- We are now forecasting 2019 year-end adjusted leverage of about 5x, up
from our previous expectation closer to 2.5x.
-- As a result, we have lowered our issuer credit rating on Hecla to 'B-'
from 'B+', and our issue-level ratings on Hecla's $500 million senior notes,
due in May 2021, to 'B-' from 'B+'.
-- We also revised Hecla's liquidity assessment to less than adequate,
from adequate, reflecting increased refinancing risk as its debt maturities
approach and the company generates less cash flow than we had expected.
-- The negative outlook reflects our view that leverage will improve but
remain close to 5x over the next year, which could make it difficult for Hecla
to refinance its $500 million of senior notes.
Recent HL News
- Hecla to Participate in Gold Forum Americas and MINExpo International • Business Wire • 09/12/2024 01:00:00 PM
- Hecla Reports Second Quarter 2024 Results • Business Wire • 08/06/2024 10:18:00 PM
- Hecla Second Quarter 2024 Results Conference Call/Webcast and Virtual Investor Event • Business Wire • 07/24/2024 01:00:00 PM
- Hecla Announces Dismissal of “Bad Actor” Lawsuit • Business Wire • 07/11/2024 08:15:00 PM
- Hecla Announces Second Quarter Production • Business Wire • 07/10/2024 11:00:00 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/18/2024 08:30:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 08:05:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 08:43:15 PM
- Hecla Announces Leadership Transition • Business Wire • 05/23/2024 08:30:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 08:29:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/21/2024 08:03:11 PM
- Form S-3ASR - Automatic shelf registration statement of securities of well-known seasoned issuers • Edgar (US Regulatory) • 05/20/2024 09:31:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 09:19:38 PM
- Hecla Releases 2023 Sustainability Report • Business Wire • 05/20/2024 01:00:00 PM
- Hecla Files Early Warning Report in Respect of Cascadia Minerals • Business Wire • 05/10/2024 08:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 04:00:37 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 10:05:39 AM
- Hecla Reports First Quarter 2024 Results • Business Wire • 05/08/2024 09:15:00 PM
- Hecla First Quarter 2024 Results Conference Call/Webcast and Virtual Investor Event • Business Wire • 04/25/2024 08:15:00 PM
- Hecla Announces First Quarter Production • Business Wire • 04/08/2024 09:25:00 PM
- Hecla to Participate in Gold Forum Europe 2024 • Business Wire • 04/04/2024 08:15:00 PM
- Hecla Appoints Director • Business Wire • 02/26/2024 09:15:00 PM
- Hecla to Participate at Upcoming Conferences • Business Wire • 02/20/2024 09:15:00 PM
- Hecla Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 02/14/2024 11:00:00 PM
- Hecla Reports Exploration Results and Reserves • Business Wire • 02/13/2024 10:30:00 PM
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