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Bond Market News
Volcan Upgraded to B2 by Moody’s
October 17, 2025
Volcan was upgraded by a notch to B2 from B3 by Moody’s. Its unsecured 2026s were upgraded by the same measure to B3. The upgrade comes after the company launched a tender offer for its 8.75% 2030s secured notes while issuing new 2032s. The proposed tender offer also includes a consent solicitation to amend the indenture for the senior secured 2030s to remove part of the existing covenants. According to Moody’s, the refinancing will strengthen liquidity by eliminating major maturities before 2030 and supporting expansion of the Romina project, improving financial flexibility. Over the last 12 months to June 2025, Volcan generated $93mn in free cash flow, boosting cash reserves to $147mn, sufficient for short-term needs. Stronger liquidity since 2024 has been supported by stable costs and production, effective hedging, and higher silver prices, driving $327mn in funds from operations. The Romina project, due to commence operations in late 2026, is expected to lower costs and boost production and cash flow, supporting the positive outlook, the rating agency added.
Its 8.75% 2030s was trading broadly stable at 104.5, yielding 6.78%
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