Fitch Ratings has lowered Mineral Resources' (ASX:MIN) issuer default rating to BB- from BB, citing high leverage and worsened deleveraging risks, according to a Tuesday release.
Fitch expects the Australia-based mining services company's EBITDA net leverage to erode to 7.3x in fiscal 2025 and remain above 3x through fiscal 2028.
A dampened financial performance, increased debt, and revised guidance for the Onslow iron ore project drive the weaker leverage forecasts.
However, the rating agency expects the company to support its performance in fiscal 2026 through cost-cutting and increased production.
Fitch also cited corporate governance concerns as a factor in the downgrade.
The outlook is negative, reflecting execution risks linked to the company's cost enhancement plan, capital expenditure control, and the Onslow project's production boost, which could keep leverage elevated.
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