PJSC Polyus (LSE, MOEX — PLZL) (Polyus or the Company) notes that Fitch Ratings (Fitch) has upgraded Polyus’ long term issuer default rating (LTIDR) to ‘BB’ with Stable outlook from previously assigned ‘BB-’ with Positive outlook.
The upgrade reflects Fitch’s view on Polyus strong operational performance, reduction in debt levels and improved cash generation ability. Among other rating drivers, Fitch highlighted production and reserve base scale and the Company’s cost discipline.
Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented:
Fitch’s rating action follows the recent S&P decision on Polyus’ rating upgrade. We are pleased that our strong operational and financial performance have been recognized by international credit rating agencies. Polyus remains focused on maintaining balanced approach to its financial policy implementation, while constantly delivering on production growth targets.
Polyus is the largest gold producer in Russia and one of the top ten gold miners globally with the lowest cost position. Based on its 2017 Ore Reserves and Mineral Resources, Polyus group ranks second both by attributable gold reserves and gold resources among the world’s largest gold mining companies.
The Polyus group’s principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
Victor Drozdov, Director Investor Relations
+7 (495) 641 33 77
Victoria Vasilyeva, Director Public Relations
+7 (495) 641 33 77
Forward looking statement
This announcement may contain «forward-looking statements» concerning Polyus and/or Polyus group. Generally, the words will, may, should, could, would, can, continue, opportunity, believes, expects, intends, anticipates, estimates or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus’ and/or Polyus group’s operations. Many of these risks and uncertainties relate to factors that are beyond Polyus’ and/or Polyus group’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.