S&P upgrades Atlas Iron credit rating

Company News

by Jessica Amir

Standard and Poors Rating Services (S&P) has upgraded Atlas Iron Limited's (ASX:AGO) credit rating to "B-".

The iron ore miner was previously given a "CCC" or vulnerable to non-payment rating in July 2016.

However, S&P says the company's outlook is stable, as Atlas Iron prepaid some of its debt, reducing its US term loan liabilities by over $62 million in May 2016.

Atlas Iron's also benefiting from higher iron ore prices and generating stronger cash flows.

Atlas Iron posted a net loss of $159 million at 30 June 2016.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.