Teck Resources Limited -- Moody's rates Teck Resources' new guaranteed senior unsecured notes B1, downgrades existing unsecured notes

Toronto, May 23, 2016 -- Moody's Investors Service, ("Moody's") assigned a B1 rating to Teck Resources Limited's (Teck) proposed US$1 billion aggregate principal amount of guaranteed senior unsecured notes due 2021 and 2024. At the same time Moody's downgraded its existing senior unsecured (not guaranteed) debt ratings to Caa1 from B3, reflecting its position in the capital structure behind the new notes and credit facilities with respect to claim on collateral at the guaranteeing subsidiaries level. The company's B3 Corporate Family Rating ("CFR"), B3-PD Probability of Default Rating and SGL-2 Speculative Grade Rating remain unchanged. The outlook remains negative. Proceeds from the new notes will be used to refinance existing notes, which mature in 2017, 2018 and 2019, through Teck's announced tender offer.

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