TEXT-S&P rates New Gold Inc
Overview -- We are assigning our 'BB-' long-term corporate credit rating and stable outlook to Vancouver-based gold producer New Gold Inc. -- We are also assigning our 'BB-' issue-level rating and '3' recovery rating to New Gold's US$300 million senior unsecured notes. Proceeds from the unsecured notes issuance will be used to repay the company's balance of senior secured notes outstanding as well as for general corporate purposes. -- New Gold operates three gold mines
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