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Bond Market News
Volcan Upgraded to B by Fitch
January 5, 2026
Volcan was upgraded by a notch to B from B- by Fitch. The upgrade reflects significantly reduced refinancing risk and greater financial flexibility following the successful issuance of the $750mn bond maturing in 2032, which removed restrictive financial covenants and extended the company’s debt maturity profile. Its proceeds were used to repay a syndicated loan and retire most of the 2030 notes, leaving Volcan with no major debt maturities until 2032. The rating action is also supported by improving operating performance, sustained positive free cash flow, EBITDA leverage expected to remain below 3.0x, and strong interest coverage. Fitch highlighted Volcan’s ongoing operational recovery, rising zinc production, cost improvements, and progress on the Romina expansion project, which is expected to begin commercial production by end-2026 and meaningfully enhance mine life and cost efficiency. While elevated capex related to Romina will weigh on near-term cash flow, Fitch expects leverage to remain low and free cash flow to stay positive, underpinning continued credit improvement.
Its 8.5% 2032s traded stable at 102.9, yielding 7.94%.
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