May 27, 2022 |
Moody's has upgraded Mexican mining company Southern Copper by one notch to Baa1, saying the Grupo México subsidiary has maintained stable debt levels and robust liquidity while investing in greenfield projects in Peru.
Southern Copper ended the first quarter with $3.3 billion in cash and a "comfortable debt amortization schedule" with around $800 million in bonds maturing through 2034, Moody's said in a report on Wednesday.
The company faces $1 billion in bond payments in 2035, but Moody's said
Grupo México mining subsidiary rises to Baa1 thanks to stable debt levels and healthy liquidity