Mineral Resources (ASX:MIN) said it has a covenant-light capital structure and significant liquidity, as well as a clear path to deleverage the balance sheet through earnings growth after Fitch Ratings downgraded its credit rating to BB- from BB, with a negative outlook, according to a Wednesday filing with the Australian bourse.
The ramping up of its Onslow iron project in Western Australia to nameplate capacity in early fiscal year 2026 is expected to generate significant cash flow for its iron ore and mining services divisions, the filing added.
The firm said it remains committed to its long-term leverage target of 2X earnings before interest, taxes, depreciation, and amortization, noting that its first US bonds do not mature until May 2027, and can be refinanced at par from May.
The firm's shares fell almost 2% in early trading on Wednesday.
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