Research Update: Barrick Gold Corp.'s Proposed US$750 Million Unsecured Notes Assigned 'A-' Rating; CCR Affirmed At 'A-' Mar 09
Standard & Poors, March 2009
Abstract
On March 20, 2009, Standard & Poor's Ratings Services assigned its 'A-' debt rating to Barrick Gold Corp.'s proposed US$750 million unsecured notes. At the same time, we affirmed the 'A-' long-term corporate credit rating on Barrick. The outlook is stable. The ratings on Barrick reflect our view of the company's position as the world's largest gold producer, with a broad base of operations, below-average cash costs, and a modest financial risk profile, characterized by good profitability and low debt leverage. We believe these strengths are counterbalanced by the company's narrow product diversity and the attendant exposure to volatile gold and copper prices, rising operating costs, and large capital expenditure plans. Despite a sharp increase in its cash costs, Barrick...
Companies mentioned in this report are:
- Barrick Gold Corp.
- Placer Dome Inc.
- Barrick Gold Finance Corp.
- Barrick International Bank Corp.
- ABX Financing Co.
- Barrick Gold Financeco LLC
- Barrick North America Finance LLC
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Barrick Gold Corp.
- Placer Dome Inc.
- Barrick Gold Finance Corp.
- Barrick International Bank Corp.
- ABX Financing Co.
- Barrick Gold Financeco LLC
- Barrick North America Finance LLC
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