Moody's Withdraws Hochschild Mining Ba3 Corporate Family Rating

7th Mar 2018 18:16

LONDON (Alliance News) - Moody's Investors Service withdrew its Ba3 corporate family rating for gold and silver miner Hochschild Mining PLC late on Wednesday for its "own business reasons".

Moody's did not specific why the ratings had been withdrawn other than it being for its "own business reasons". Within Moody's guidance on withdrawing credit ratings it explained moves made for "business reasons" generally "do not reflect any concerns about the rated entity's creditworthiness or the quality of its management".

In late February, Hochschild reported a drop in annual earnings due to higher production costs. This, it explained, was due to higher backfill and detoxification costs at the Inmaculada mine in Peru as well as net inflation in Argentina.

Hochschild Mining shares closed down 2.5% at 205.00 pence per share on Wednesday.

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