Source - RNS
RNS Number : 1214I
Polyus Finance PLC
14 June 2017
 

For immediate release                                                                                             14 June 2017

 

Polyus Finance Plc

 

Moody's revises outlook on Polyus to Stable and assigns "Ba1" rating

Polyus Finance Plc (the "Issuer") notes the announcement made earlier today by PJSC Polyus (MOEX - PLZL) ("Polyus", or the "Company"), the largest gold producer in Russia, that Moody's Investors Service ("Moody's")  has revised its outlook on Polyus to Stable from Negative and assigned the Company the Ba1 corporate family rating ("CFR"). The rating assigned to Polyus is in line with Russia's sovereign rating.

 

Moody's has also affirmed the Ba1-PD probability of default rating ("PDR") of Polyus Gold International Limited ("PGIL"), the controlling shareholder of the Company. Subsequently, Moody's will withdraw all ratings and outlook of PGIL. The decision follows the transfer of all rights and obligations under all three outstanding Eurobond issues from PGIL to Polyus Finance Plc, a wholly-owned subsidiary of Polyus.

 

Moody's has also changed to stable from negative the outlook on the Ba1 ratings of the $500 million Eurobonds 2022 and the $800 million Eurobonds 2023 issued by Polyus Finance Plc.

 

In assigning Polyus a Ba1 Rating with stable outlook, Moody's noted Polyus' global cost leadership and large high-grade reserve base as well as the Company's track record of cost-cutting and operational enhancements. In addition, Moody's recognised the Company's strong liquidity, falling leverage and long term debt maturity profile.

 

Polyus' healthy liquidity and a balanced financial policy supported an outlook revision, Moody's said.

 

PJSC Polyus

Polyus (www.polyus.com) is the largest gold producer in Russia and one of the top 10 gold miners globally with the lowest cost position. Based on its 2016 Ore Reserves and Mineral Resources, Polyus ranks second by attributable gold reserves and third by attributable gold resources among the world's largest gold mining companies.

 

Polyus group's principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Sakha Republic (Yakutia).

 

Forward looking statements

This announcement may contain "forward-looking statements" concerning the Issuer. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of the Issuer's operations. Many of these risks and uncertainties relate to factors that are beyond the Issuer's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. The Issuer does not assume any obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.

 


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