[ET Net News Agency, 28 February 2013] Moody's Investors Service has downgraded the
corporate family and senior unsecured bond ratings of Mongolian Mining Corporation
(MMC)(00975) to B2 from B1. The ratings outlook is stable.
This concluded the rating review for downgrade initiated on 24 January 2013.
"The downgrade reflects the weakened financial profile of MMC and Moody's expectation
that its credit metrics are unlikely to improve materially over the next 12-18 months to a
level that is appropriate for a B1 rating, as a result of the prolonged weakness in coking
coal prices," said Simon Wong, a Moody's Vice President and Senior Analyst.
"Coking coal prices have firmed recently, largely due to restocking demand, but there is
still some uncertainty over whether prices will continue to rise for the remainder of this
year. Moody's expects prices to average $165-$175 per ton for the next 12 to 18 months due
to the moderation in the growth in demand for steel and the ample level of coking coal
supplies", he added. (KL)
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00975 MONGOL MINING
Nominal 
6.910 -0.190 (-2.676%) Others
28/02/2013 16:42
Moody's downgrades Mongolian Mining to B2; outlook stable
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