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Barrick Gold Rtgs Affirmed by S&P After Announcement Sep 97
Standard & Poors, Sep 1997
Abstract
TORONTO -- Standard & Poor's CreditWire 9/9/97 -- Standard & Poor's today affirmed its single-'A' corporate credit rating on Barrick Gold Corp., as well as other ratings (listed below), following the company's announcement that it will take a net provision of US$385 million in 1997 to cover costs associated with phasing out some of its higher-cost mines. The provisions are part of a new two-year operating plan that concentrates on replacing high-cost mines with increased production from new, low-cost mines. The provisions relate to the costs of phasing out the El Indio and Tambo mines in Chile and the Bullfrog, Mercur, and Pinson mines in the United States over a period of three years. In 1997, the discontinued mines represent...
Companies mentioned in this report are: Barrick Gold Corp.
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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