Rationale The downgrade reflects the view which protracted softness inside the manganese marketplace usually continue to stress ConsMin’s EBITDA inside the 4th quarter of 2012 plus inside 2013. We consequently anticipate which the group’s leverage is significant, with a Standard & Poor’s ratio of modified debt to EBITDA at over 10x at year-end 2012, compared with 3.5x at the finish of 2011. We additionally element inside the prevailing uncertainty found on the supply-demand balance plus cost for manganese inside 2013, that you think might avoid ConsMin from improving EBITDA plus cause continued damaging free working income (FOCF). …
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