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Barrick Gold Corp. Feb 08
Standard & Poors, Feb 2008
Abstract
Long-lived, low-cost reserve base Broadly diversified operating and political risk Moderate use of debt Good pipeline of development projects Exposure to volatile precious metals and copper prices Long lead times and large capital expenditures to execute mine development plans The ratings on Barrick Gold Corp. reflect its position as the world's largest gold producer, with below-average cash costs, and its modest financial risk profile, characterized by good profitability and low debt leverage. These strengths are counterbalanced by the company's narrow revenue diversity and the attendant exposure to volatile gold, silver, and copper prices; rising operating costs; and large capital expenditure plans. Despite a sharp increase in its cash costs, Barrick maintains a cost profile that is better than the industry...
Companies mentioned in this report are: Barrick Gold Corp.
Action: Review
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.
Research Type: Full Analysis
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