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New Management & Governance Scores Assigned To 60 Companies In The North American Mining And Metals Sector

TORONTO (S&P Global Ratings) Jan. 19, 2024--On Jan. 7, 2024, S&P Global Ratings published its revised criteria for evaluating the credit risks presented by an entity's management and governance (M&G) framework, "Management And Governance Credit Factors For Corporate Entities." These criteria apply globally to all corporate ratings including investment holding companies and to certain nonbank financial institution entities that we rate using our Corporate Methodology. The terms management and governance encompass the broad range of oversight and direction conducted by an entity's owners, board representatives, and executive managers. These activities and practices can affect an entity's creditworthiness and, therefore, the M&G modifier is an important component of our analysis.

Subsequently, we have completed the review of 60 companies (see list below) within the North American mining and metals sector under the new criteria. As a result, S&P Global Ratings assigned a new M&G modifier to each of these companies. Ratings on all 60 companies remain unchanged.

M&G MODIFIERS ASSIGNED

  • AIP MC Holdings, LLC To Moderately Negative From Fair
  • Alcoa Corp. To Neutral From Fair
  • Alliance Resource Partners L.P. To Neutral From Satisfactory
  • Alpha Metallurgical Resources Inc. To Neutral From Fair
  • American Rock Salt Company LLC To Moderately Negative From Fair
  • AMG Advanced Metallurgical Group N.V. To Neutral From Fair
  • Arch Resources Inc. To Neutral From Fair
  • Arsenal AIC Parent LLC To Moderately Negative From Fair
  • ATI Inc. To Neutral From Fair
  • AZZ Inc. To Neutral From Fair
  • Baffinland Iron Mines Corp. To Neutral From Fair
  • Barrick Gold Corp. To Neutral From Satisfactory
  • Boart Longyear Ltd. To Moderately Negative From Fair
  • Cameco Corp. To Neutral From Satisfactory
  • Carpenter Technology Corp. To Neutral From Fair
  • Century Aluminum Co. To Neutral From Fair
  • Cleveland-Cliffs Inc. To Neutral From Satisfactory
  • Coeur Mining Inc. To Neutral From Fair
  • Commercial Metals Co. To Neutral From Satisfactory
  • Compass Minerals International Inc. To Neutral From Satisfactory
  • CONSOL Energy Inc. To Neutral From Fair
  • Conuma Resources Ltd To Moderately Negative From Fair
  • Covia Holdings LLC To Moderately Negative From Fair
  • Drummond Co. Inc. To Neutral From Fair
  • Eldorado Gold Corp. To Neutral From Fair
  • Ero Copper Corp. To Neutral From Fair
  • Flame NewCo LLC To Moderately Negative From Fair
  • Freeport-McMoRan Inc. To Neutral From Fair
  • Gopher Resource LLC To Moderately Negative From Fair
  • GrafTech International Ltd. To Neutral From Fair
  • Hecla Mining Co. To Neutral From Fair
  • Hudbay Minerals Inc. To Neutral From Fair
  • IAMGOLD Corp. To Neutral From Fair
  • JW Aluminum Continuous Cast Co. To Moderately Negative From Fair
  • Kaiser Aluminum Corp. To Neutral From Fair
  • Kinross Gold Corp. To Neutral From Satisfactory
  • Kymera International LLC To Moderately Negative From Fair
  • Mountain Province Diamonds Inc. To Neutral From Fair
  • New Gold Inc. To Neutral From Fair
  • Newmont Corp. To Neutral From Satisfactory
  • Novelis Inc. To Neutral From Fair
  • Nucor Corp. To Positive From Strong
  • Oxbow Carbon LLC To Neutral From Fair
  • Pan American Silver Corp. To Neutral From Fair
  • Reliance Steel & Aluminum Co. To Positive From Strong
  • Russel Metals Inc. To Neutral From Fair
  • Ryerson Holding Corp. To Neutral From Fair
  • SCIH Salt Holdings Inc. To Moderately Negative From Fair
  • Southwire Co. LLC To Neutral From Fair
  • Steel Dynamics Inc. To Neutral From Satisfactory
  • SunCoke Energy Inc. To Neutral From Fair
  • Tacora Resources Inc. To Moderately Negative From Fair
  • Taseko Mines Ltd. To Neutral From Fair
  • Teck Resources Ltd. To Neutral From Satisfactory
  • TMS International Corp. To Neutral From Satisfactory
  • U.S. Silica Co. To Neutral From Satisfactory
  • United States Steel Corp. To Neutral From Fair
  • Warrior Met Coal Inc. To Neutral From Fair
  • Worthington Industries Inc. To Neutral From Satisfactory
  • Zekelman Industries Inc. To Neutral From Fair

This report does not constitute a rating action.

S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.

Primary Credit Analyst:Ron C Charbon, Toronto + 1 (416) 507 2516;
ron.charbon@spglobal.com

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