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Fitch Ratings has downgraded its outlook on Australia-listed Nickel Mines Limited's (NIC) long-term issuer default rating (IDR) from stable to negative, based on Tsingshan spillage risks. The credit ratings agency attributed the revision to “increasing liquidity risks from contagion related to the problems faced by NIC’s sole offtaker.” The Chinese group, the world’s largest stainless steel and nickel producer, made a loss on its …
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