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Barrick Gold Corp.'s Proposed US$1.25 Billion Unsecured Notes Rated 'A-' Oct 09
Standard & Poors, Oct 2009
Abstract
We assigned our 'A-' debt rating to Barrick Gold Corp.'s US$1.25 billion unsecured notes; the 'A-' long-term corporate credit rating on the company is unchanged. The stable outlook reflects our opinion that Barrick's earnings should remain solid due to the company's good cost profile and strong commodity prices. The elimination of the company's US$5.7 billion gold hedge liability is credit neutral, in our view, considering that it was largely funded with US$4 billion of equity. We believe that Barrick's large debt load limits its capacity for more debt at the current rating. TORONTO (Standard & Poor's) Oct. 14, 2009--Standard & Poor's Ratings Services today said it assigned its 'A-' debt rating to the US$1.25 billion unsecured notes issued by Barrick...
Companies mentioned in this report are: Barrick Gold Corp.
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.
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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