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Fitch expects to rate MAK, proposed bonds 'CCC+(EXP)' www.montsame.mn

Ulaanbaatar /MONTSAME/ Fitch Ratings expects to assign Mongolia-based coal mining company Mongolyn Alt (MAK) LLC a Long-Term Issuer Default Rating (IDR) of 'CCC+(EXP)'. Fitch has also assigned the company's proposed US dollar senior unsecured notes an expected rating of 'CCC+(EXP)' with a Recovery Rating of 'RR4'.

The ratings are based on the capital structure and liquidity of MAK assuming it completes the proposed bond deal and a debt restructuring. The company plans to repay some of its existing loan facilities that are in default, with proceeds from the proposed bond. The remaining loans will be restructured based on terms outlined in the signed consents and waivers from each respective lender, which have been reviewed by Fitch.

The final ratings are contingent upon successful issuance of the proposed bond and completion of the restructuring in line with the terms already received, and upon receipt of final documents conforming to information already received. Fitch thinks there is minimal risk that the terms of the restructuring will be amended by both MAK and the lenders after the bond issue.

The Long-Term IDR reflects Fitch's expectation that MAK's liquidity and debt maturity profiles will be adequate after the planned bond issue and restructuring of the remaining debt. The rating also incorporates Fitch's expectation that the company will be able to generate positive free cash flows over the medium term, barring a significant deterioration in coal prices. This is based on the assumption that MAK will be able to reduce production costs and capex during moderate coal price weakness. These expectations are counterbalanced by MAK's history of aggressive debt-funded investments, and limited access to external funding, which may heighten the company's liquidity risk if there is a sharp, sustained coal price or demand downturn and unfavourable capital market conditions.
Kh.Aminaa



Published Date:2018-02-04