Moody’s Withdraws Uranium One’s Ratings For Business Reasons
Moody’s Investors Service, (“Moody’s”) has today withdrawn the Ba3 corporate family rating (CFR) and the Ba3-PD probability of default rating (PDR) of Uranium One Inc. (Uranium One), as well as the stable outlook on the ratings. At the same time, Moody’s has withdrawn the SGL-2 speculative grade liquidity rating of Uranium One.
Moody’s has withdrawn the ratings for its own business reasons. Please refer to the Moody’s Investors Service’s Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.
Moody’s has withdrawn the ratings for business reasons since Uranium One fully repaid the entire outstanding balance of its rated debt.
Headquartered in Toronto, Canada, Uranium One Inc. is one of major uranium producers in the world controlled by the Russian government through Russia’s State Atomic Energy Company (Rosatom, not rated). The company’s major mines in Kazakhstan are owned through five joint ventures, in which the company’s interest varies between 30% and 70%. These mines collectively contribute around 95% of the company’s attributable production, which totalled 13.5 million pounds (lbs) of uranium (U3O8) in 2016. In the same period, attributable annual revenues totalled approximately $406 million based on an average realized uranium price of $27/lb.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.