Mineros Gets Initial B+ and B1 Credit Ratings
Latin American gold miner Mineros S.A. received initial ratings from S&P Global Ratings and Moody's Ratings for proposed senior unsecured notes.
Updated on Nov. 6, 2026 in Corporate Finance
On October 22, 2025, Mineros S.A., a gold mining company headquartered in Medellin, Colombia, announced that S&P Global Ratings assigned a 'B+' rating and Moody's Ratings assigned a 'B1' rating to its proposed Senior Unsecured Notes offering. Both ratings carry a Stable outlook.
Why it matters
The initial ratings are a step in the company's strategy to secure debt financing for long-term growth and capital expenditure programs. The Stable outlook reflects consistent operating performance and a diversified asset base in Latin America.
Mineros received a 'B+' rating from S&P Global Ratings and a 'B1' rating from Moody's Ratings, both with a Stable outlook. The extraction does not disclose the principal amount, coupon, or maturity of the proposed notes.
The players
Mineros S.A.
A Latin American gold mining company headquartered in Medellin, Colombia, with a 50-year track record emphasizing safety and sustainability.
S&P Global Ratings
A major credit rating agency that assigned the 'B+' rating to the proposed notes.
Moody's Ratings
A major credit rating agency that assigned the 'B1' rating to the proposed notes.
The details
Mineros, which operates mines in Colombia and Nicaragua, received the ratings as part of its effort to access international debt capital markets. The company also disclosed that it has been granted an exemption from TSX individual voting and majority voting requirements for director elections, based on Colombian laws that require director elections via an electoral quotient system.
Timeline
October 22, 2025: Mineros announced receipt of initial credit ratings from S&P and Moody's.
March 31, 2025: Date of the company's annual information form referenced in its risk factors.
Market Landscape
Mineros' 'B+' and 'B1' ratings place it in the speculative-grade tier that S&P and Moody's have assigned to mid-sized gold producers with operations in Latin America. Accessing unsecured notes at that tier signals how such issuers are positioned to fund growth in international debt markets.
For bondholders and investors considering speculative-grade debt, the 'B+' and 'B1' ratings signal a higher credit risk tier than investment-grade issuers. Investors evaluating the notes would need the final offering terms, which were not disclosed in the source extraction.
The takeaway
Initial credit ratings are an early signal of how the market will price a company's debt, so investors should watch for the final terms of the offering. A Stable outlook suggests the agencies do not currently expect a near-term change in Mineros' creditworthiness.
Further reading
For more on how companies raise capital through bond offerings, see Corporate Finance.
