Moody’s Upgrades Barrick to Baa2 with Stable Outlook
02 März 2018 - 1:35PM
All amounts expressed in U.S. dollars
Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (Barrick or the
“Company”) today reported that Moody's Investors Service
(“Moody's”) has upgraded the senior unsecured ratings
of Barrick and all rated subsidiaries to Baa2 from Baa3, with
a stable outlook.
In a news release announcing the upgrade,
Moody’s cited Barrick’s low adjusted leverage, large scale, diverse
and low-cost gold assets, free cash flow generation and favorable
geopolitical risk profile, noting, “Barrick's liquidity is
excellent, which provides significant flexibility to maneuver
through gold price volatility.”
“We are pleased that Moody’s has recognized our
efforts to significantly reduce the Company’s total debt, while
substantially improving liquidity and free cash flow generation,”
said Barrick President Kelvin Dushnisky. “Over the past three
years, we have reduced our total debt by more than 50 percent, from
$13.1 billion at the end of 2014, to $6.4 billion today.”
The Company’s goal remains to reduce total debt
to around $5 billion by the end of 2018, primarily by using cash
flow from operations and cash on hand, and potentially through
further portfolio optimization. Barrick will continue to pursue
debt reduction with discipline, taking only those actions that make
sense for the business, on terms favorable to the Company’s
shareholders.
At the end of the fourth quarter, Barrick had a
consolidated cash balance of approximately $2.2 billion. The
Company has less than $100 million in debt due before
2020.1 More than three-quarters of Barrick’s outstanding total
debt of $6.4 billion does not mature until after 2032.
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy
Lloyd Senior Vice PresidentCommunicationsTelephone: +1 416
307-7414Email: alloyd@barrick.com
ENDNOTE
- Amount excludes capital leases and includes Acacia (100%
basis).
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “goal”, “potential”, “will”,
and similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to targeted debt
reductions and the means of achieving such reductions.
Forward-looking statements are necessarily based upon a number of
assumptions, including material assumptions considered reasonable
by Barrick as at the date of this press release in light of
management's experience and perception of current conditions and
expected developments, and are inherently subject to significant
business, economic, and competitive uncertainties and
contingencies.
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned not to put undue reliance on forward-looking
statements which are not guarantees of future events, and speak
only as of the date made. All of the forward-looking statements
made in this press release are qualified by these cautionary
statements. Specific reference is made to the most recent Form
40-F/Annual Information Form on file with the SEC and Canadian
provincial securities regulatory authorities for a more detailed
discussion of some of the factors underlying forward-looking
statements and the risks that may affect Barrick’s ability to
achieve the expectations set forth in the forward-looking
statements contained in this press release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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