PJSC Polyus (LSE, MOEX — PLZL) (“Polyus”, or the “Company”) notes that Moody’s Investors Service (“Moody’s”) has upgraded the Company’s Rating to ‘Baa3’/stable from ‘Ba1’/stable.
In assigning Polyus a ‘Baa3’ Rating, Moody’s highlighted the Company’s track record of deleveraging supported by strong cash flow generation on the back of its solid operating performance and pro-active debt management.
The upgrade also reflects the Company’s global cost leadership, stellar reserve base and its history of organic growth, with Sukhoi Log further contributing to strengthening of the Company’s business profile. Among other rating drivers, Moody’s underscored the Company’s conservative financial policy amid various gold price scenarios and continuous efforts on ESG front.
Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented:
We welcome Moody’s rating action. The Company has been reassigned with an investment-grade credit rating by international rating agency for the first time since 2016. We consider this as recognition of our operational track record, our commitment to balanced financial policy and adherence to the leading corporate governance standards.
Polyus is the world’s fourth-largest gold mining company by production volumes and one of two gold miners with the largest attributable gold reserves. The company demonstrates the lowest production costs among major global gold producers.
Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
Investor and Media contact
Victor Drozdov, Director
Communications & Investor Relations (CIR) Department
+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.