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Research Update: Barrick Gold Corp. Off CreditWatch, Ratings Affirmed At 'A-' On Proposed Transactions Sep 06 Product Image

Research Update: Barrick Gold Corp. Off CreditWatch, Ratings Affirmed At 'A-' On Proposed Transactions Sep 06

  • Published: September 2006
  • Standard & Poors

Abstract
On Sept. 14, 2006, Standard & Poor's Ratings Services affirmed its 'A-' long-term corporate credit and senior unsecured debt ratings, and its 'A-2' short-term credit rating on Barrick Gold Corp. as the company moves to complete the unsolicited acquisition of NovaGold Resources Inc. (unrated) and the sale of its South Deep mine in South Africa. The outlook is stable. The ratings were removed from CreditWatch, where they were placed with negative implications July 25, 2006. The immediate financial effect of the pending US$1.5 billion all-cash bid for NovaGold is offset by the recently announced sale of Barrick's South Deep mine to Gold Fields Ltd. (unrated) for US$1.5 billion. Although South Deep's contribution to Barrick's cash flow has been minimal since...

Companies mentioned in this report are: Barrick Gold Corp.,Placer Dome Inc.
Action: Affirmed
Action: Removed From CreditWatch

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 READ MORE >

Barrick Gold Corp.,Placer Dome Inc.

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