CINR - Ciner Resources: Sorry But That Former High Yield Isn't Coming Back

• The soda ash producer, Ciner Resources completely suspended their distributions that otherwise would have provided a high yield of almost 10%.
• Their ability to fully reinstate these once operating conditions recover is questionable, as they were barely affordable even before this latest economic downturn.
• Thankfully their leverage is only moderate even since their earnings have taken a large impact and thus they can easily afford to at least reinstate half of their former distributions.
• Their liquidity remains strong and provides further support but keep an eye on their very large 2022 debt maturities since these will require refinancing.
• Overall I believe that a neutral rating is appropriate, as it appears that investors should not expect much more than a 5% yield even after operating conditions recover.

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