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April 18, 2025Mountain Province Diamonds Inc. upgraded to ‘CCC’ from ‘SD’ on debt refinancing
Canada-based Mountain Province Diamonds Inc. (MPV) recently completed a debt refinancing that extended the maturity of its senior secured second-lien notes to December 2027 from December 2025, infused new debt funding, and subordinated the notes’ security ranking.
S&P Global Ratings raised its issuer credit rating on MPV to ‘CCC’ from ‘SD’ (selective default), which reflects its view of the company’s constrained liquidity position post-refinancing stemming from a free operating cash flow (FOCF) deficit expected this year and sizable debt servicing requirements in 2026.
The company also raised our issue-level rating on the company’s senior secured second-lien notes now due in December 2027 to ‘CCC’ from ‘D’ and revised the recovery rating to ‘3’ from ‘1’. Our ‘3’ recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
The negative outlook reflects our view of MPV’s constrained liquidity position that could lead to a default or distressed debt restructuring within the next 12 months.
