Fitch Ratings downgraded Mineral Resources' (ASX:MIN) issuer default rating (IDR) to "BB-" from "BB," with a negative outlook, according to a Tuesday statement from the credit rating agency.
The downgrade was attributed to the Australian miner's "high leverage and increased deleveraging risks over the medium term." Fitch Ratings expects Mineral Resources' earnings before interest, taxes, depreciation, and amortization net leverage to worsen to 7.3x in fiscal 2025 from 4.9x in the prior year.
The rating agency said the negative outlook was due to the possibility of the company's leverage staying above average amid its production ramp-up at the Onslow project in Western Australia, as well as its cost-cutting measures.
Fitch Ratings also cut Mineral Resources' US dollar senior unsecured notes to "BB-" from "BB."
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