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Bond Market News
Volcan Upgraded to B+ by Fitch
June 2, 2026
Volcan was upgraded to B+ from B by Fitch, citing lower execution risk, following progress at its Romina’s project, with Fitch expecting Volcan to maintain an adequate credit profile over the rating horizon. Volcan’s EBITDA leverage is projected at about 1.2x in 2026-28, an improvement from 2x in the past two years. Fitch projects Volcan will achieve an EBITDA of ~$840mn in 2026 thanks to higher zinc and silver prices along with increased outputs from its Yauli and Chungar operations. Volcan also boasts of an improved debt maturity runway following previous bond restructurings, leaving it with no significant debt maturities until 2032.
Its 8.5% 2032s traded stable at 102.4, yielding 8%.
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