Fitch Ratings downgraded Coronado Global Resources' (ASX:CRN) long-term issuer default rating to B, from B+, according to a Tuesday report.
The outlook is negative, the report said.
The downgrade and negative outlook reflect significant risk to the coal miner's financial metrics and credit profile due to a sharp fall in prices of metallurgical coal since February, according to the rating firm.
The outlook represents risks to coal demand recovery, especially in light of the tariffs levied by the US, as growth prospects deteriorate, particularly in Asia.
Fitch continues to expect an improvement in Coronado Global's business profile due to a materially better global cost position starting in the second half, and a substantial improvement in the financial profile from 2026.
It affirmed the BB- rating on the US-dollar senior secured notes issued by the firm's wholly-owned subsidiary, Coronado Finance, with a recovery rating of RR2. The notes are guaranteed by Coronado Global and all its operating units and are their senior secured obligations.
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