Moody’s downgrades Goldcorp’s ratings to a fraction above ‘junk’, outlook negative

Debt ratings agency Moody’s Investors Service on Friday downgraded the senior unsecured ratings of miner Goldcorp, the largest gold miner by market capitalisation, to one notch above ‘junk’, saying the rating outlook was negative. The agency cited poor profitability and coverage, production declines, challenges in executing at several mines and recently announced senior management changes providing the basis for its action.