DBRS Morningstar Confirms Ratings on Cameco Corporation at BBB and R-2 (middle), Maintains Stable Trends

DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Debt rating of Cameco Corporation (Cameco or the Company) at BBB and the Commercial Paper rating at R-2 (middle).

All trends remain Stable.

The rating confirmations were based on Cameco’s (1) decision to restart its McArthur River/Key Lake complex, which should reduce the higher-cost open market purchases with incremental low-cost production and (2) strong business risk profile because of the Company’s long-life reserves, low operating cost structure, integration across the nuclear fuel cycle, and a portfolio of long-term contractual commitments. The Stable trends were maintained because of the Company’s attractive liquidity profile with $2.5 billion of liquidity available as at March 31, 2022, with no debt maturities until June 2024 and positive pricing momentum for uranium.

While the Coronavirus Disease (COVID-19) pandemic has continued to cause disruptions to global supply chains and an acceleration in inflation, the unrest in Kazakhstan in January […]

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