PJSC Polyus (MOEX — PLZL) (“Polyus”, or the “Company”), the largest gold producer in Russia, is pleased to note Moody’s decision to assign Polyus Gold International Limited (“PGIL”), the controlling shareholder of the Company and the issuer of the $750 mln Eurobonds 2020, a Ba1 Credit Rating with negative outlook. The rating assigned to PGIL is in line with Russia’s sovereign rating.
In assigning PGIL a Ba1 Rating, Moody’s noted Polyus’ global cost leadership and large high-grade reserve base as well as the Company’s track record of cost-cutting and operational enhancements. In addition, Moody’s recognised the Company’s strong liquidity, long term debt maturity profile and positive free cash flow.
Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented:
“We are very pleased that Moody’s has assigned PGIL a Ba1 rating, on par with the sovereign rating, which is a reflection of our prudent financial management and the operational progress we are seeing. We consider this as recognition of our firm commitment to public markets and the high standards of corporate governance.”
Victor Drozdov, Director Investor Relations
+7 (495) 641 33 77 email@example.com
Artem Gorbachev, Press Secretary
+7 (495) 641 33 77 firstname.lastname@example.org
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.