Newcrest Mining (ASX: NCM) has had its Standard & Poor’s credit rating cut from BBB to BBB- after the company reported a $5.8 billion net loss for the 2013 financial year earlier this week.
The ratings agency had in April 2013 reduced its credit rating for the gold miner from BBB+ to BBB after it lowered its gold production guidance by 10% for the 2013 financial year.
Moody’s had on 29 July 2013 revised the company’s credit rating to Baa3 from Baa2 with a negative outlook.
This reflected the rating agency’s expectation for weaker operating and financial metrics over the next two to three years.
Deutsche Bank has also changed its recommendation to sell from hold.
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