DBRS Releases Report on Sherritt International

DBRS has today released a report on Sherritt International Corporation’s (Sherritt or the Company) that provides further detail on the recent confirmation of the Company’s Issuer Rating and Senior Unsecured Debt rating at BB (high) with Stable trends. In addition, the recovery rating for Sherritt’s Senior Unsecured Debt under a hypothetical default scenario remains at RR4.

Sherritt’s diverse operations allowed it to generate steady operating earnings and cash flow through the 2008-2009 recession in comparison to many other mining companies. Nonetheless, 2011 and 2012 could be challenging years for the Company as it seeks to fund the completion of its 40%-owned Ambatovy project in Madagascar, and as political uncertainties remain heightened in Cuba (a significant source of the Company’s earnings).

For a copy of the report or the March 24, 2011, press release, please see the links below or contact us at info@dbrs.com.