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Barrick Gold Corp. Rating Lowered To 'A-', Placer Dome Rating Raised To 'A-' After Acquisition Feb 06
Standard & Poors, Feb 2006
Abstract
TORONTO (Standard & Poor's) Feb. 7, 2006--Standard & Poor's Ratings Services today said it lowered its long-term corporate credit rating on Barrick Gold Corp. to 'A-' from 'A' after the company announced that it had taken up 94% of the shares of Placer Dome Inc. in a friendly acquisition. At the same time, the ratings were removed from CreditWatch with negative implications, where they were placed Oct. 31, 2005. Standard & Poor's also lowered its short-term corporate credit rating on Barrick to 'A-2' from 'A-1'. In addition, Standard & Poor's raised its long-term corporate credit rating on Placer Dome to 'A-' from 'BBB+', reflecting the rating on its new parent. The Placer Dome ratings were removed from CreditWatch with positive...
Companies mentioned in this report are: Barrick Gold Corp.,Newmont Mining Corp.,Placer Dome Inc.
Action: Downgraded
Action: Removed From CreditWatch
Action: Upgraded
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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