US rare earths producer Molycorp Inc. has had its rating lowered from ‘B’ to ‘CCC+’ by the international credit ratings agency Standard & Poor’s owing to concerns over the company’s liquidity.
The downgrade was prompted by the news that Molycorp, which reported losses of $67.6m for the second quarter of 2012, may have to seek additional financing on top of $650m in debt already offered this year.
S&P said yesterday that in addition to the downgrade it had...