{"id":61303,"date":"2015-09-15T16:49:19","date_gmt":"2015-09-15T08:49:19","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=61303"},"modified":"2015-09-15T19:58:04","modified_gmt":"2015-09-15T11:58:04","slug":"moodys-downgrades-teck-resources-credit-rating-amid-commodity-weakness","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/09\/15\/moodys-downgrades-teck-resources-credit-rating-amid-commodity-weakness\/","title":{"rendered":"Moody&#8217;s downgrades Teck Resources credit rating amid commodity weakness"},"content":{"rendered":"<div class=\"getty embed image\" style=\"background-color: #fff; display: inline-block; font-family: 'Helvetica Neue',Helvetica,Arial,sans-serif; color: #a7a7a7; font-size: 11px; width: 100%; max-width: 594px;\">\n<div style=\"overflow: hidden; position: relative; height: 0; padding: 66.666667% 0 0 0; width: 100%;\"><iframe loading=\"lazy\" style=\"display: inline-block; position: absolute; top: 0; left: 0; width: 100%; height: 100%;\" src=\"\/\/embed.gettyimages.com\/embed\/139456891?et=A8B99QW2SSlEeLp0afK-Rw&amp;viewMoreLink=on&amp;sig=B69Cl2DChs5GIkEpIIBlZZJuNp6LCiw60bbZozgBw6g=&amp;caption=true\" width=\"594\" height=\"396\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/div>\n<div style=\"padding: 0; margin: 0 0 0 10px; text-align: left;\"><a style=\"color: #a7a7a7; text-decoration: none; font-weight: normal !important; border: none; display: inline-block;\" href=\"http:\/\/www.gettyimages.com\/detail\/139456891\" target=\"_blank\">View image<\/a> | <a style=\"color: #a7a7a7; text-decoration: none; font-weight: normal !important; border: none; display: inline-block;\" href=\"http:\/\/www.gettyimages.com\" target=\"_blank\">gettyimages.com<\/a><\/div>\n<\/div>\n<p>TORONTO &#8212; Moody&#8217;s Investors Service has downgraded the credit rating of Teck Resources Ltd. to below investment grade as low commodity prices and high spending squeeze the Vancouver-based miner.<\/p>\n<p>&#8220;We expect prolonged commodity price weakness and sizable investment spending will cause Teck&#8217;s financial leverage to remain well in excess of typical investment grade thresholds through at least 2017,&#8221; said Darren Kirk, Moody&#8217;s vice-president and senior credit officer.<\/p>\n<p>The agency said Monday that Teck now has a senior unsecured rating of Ba1, compared with its previous rating of Baa3. Moody&#8217;s said the outlook remains negative.<\/p>\n<p>Under its ratings categories, which run from Aaa to C, financial obligations assessed Ba are judged by Moody&#8217;s to have speculative credit quality and are seen as subject to substantial credit risk.<\/p>\n<p>Teck has a 20 per cent stake in the $13.5-billion Fort Hills oilsands mine under construction north of Fort Murray, Alta. Suncor Energy Inc. is the operator with a 40.8 per cent interest. France&#8217;s Total owns the rest.<\/p>\n<p>Moody&#8217;s said Teck&#8217;s &#8220;significant spending&#8221; on Fort Hills during a time of weak oil prices will cause the company to consume $1.5 billion in cash next year and another $1 billion in 2017.<\/p>\n<p>Crude prices have been hovering at around US$45 a barrel &#8212; about half of what they were a year earlier.<\/p>\n<p>Shares in Teck, which is focused on steelmaking coal, copper, zinc and energy, closed down 26 cents or 2.99 per cent at $8.43 Monday on the Toronto Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>View image | gettyimages.com TORONTO &#8212; Moody&#8217;s Investors Service has downgraded the credit rating of Teck Resources Ltd. to below &hellip;<\/p>\n","protected":false},"author":44,"featured_media":61349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19,18],"tags":[],"class_list":["post-61303","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","category-news-ca","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/61303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=61303"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/61303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/61349"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=61303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=61303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=61303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}