CRN coronado global resources inc.

I agree and I'd add "but it (Fitch) accepts Coronado will secure...

  1. 1,880 Posts.
    lightbulb Created with Sketch. 418
    I agree and I'd add "but it (Fitch) accepts Coronado will secure more debt" as a stretch to suits the 'market sources' narrative:
    https://hotcopper.com.au/data/attachments/7002/7002126-1d5be28ad651f7717f60a464d2b6ee26.jpg
    What Fitch actually says is: (thanks for sharing @borano):

    Additional Funding Uncertain: CRN continues to engage lenders of its RCF on changes granting covenant and usage flexibility, which would allow the company to use the facility beyond the covenant-test deferral until 31 May 2025. CRN is also seeking other financing that would exempt it from the minimum fixed-charge cover incurrence covenant of 2.0x under the notes. We think obtaining additional funding in a timely manner at a manageable cost could be challenging due to market volatility.


    further down they explain their ratings 'assumptions' (they have to lock something in to create a rating) - they have 'assumed' they will secure additional financing.

    https://hotcopper.com.au/data/attachments/7002/7002143-eb0805ce421b75dc0e7e8a6456810a74.jpg


    Lots of 'no-news', maybe something is actually brewing...




    Last edited by pbawley: 15/05/25
 
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