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Barrick Gold Ratings Affirmed; Homestake Mining Co. Rating Placed on Watch Pos; Re: Merger Jun 01
Standard & Poors, June 2001
Abstract
TORONTO (Standard & Poor's CreditWire) June 25, 2001--Standard & Poor's today affirmed its single-'A' long-term corporate credit and senior unsecured debt ratings, and its 'A-1' short-term corporate credit rating on Barrick Gold Corp. The outlook is stable. At the same time, Standard & Poor's placed its double-'B' corporate credit rating on Homestake Mining Co. on CreditWatch with positive implications. The ratings actions follow the announcement that Barrick Gold will acquire Homestake Mining in a US$2.3 billion common stock pooling of interest transaction. The transaction remains subject to approvals by Homestake Mining shareholders and requisite regulatory bodies. Following the merger, Barrick Gold will become the second-largest gold producer in the world with a 50% increase in annual production to about six...
Companies mentioned in this report are: Barrick Gold Corp.,Homestake Mining Co.
Action: Various Rating Actions
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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