PJSC Polyus (LSE, MOEX: PLZL) («Polyus», or the «Company») notes that S&P Global Ratings («S&P») has downgraded the Company’s Issuer Credit Rating to ’CCC-’ from ’BB+’ and placed it on CreditWatch Negative on 7 March 2022.
S&P highlighted that it has downgraded 52 Russian corporates and utilities companies to ’CCC-’ on 7 March 2022. The downgrade follows the S&P’s rating action to lower its foreign and local currency sovereign credit ratings on Russia to ’CCC-/C’ from ’BB+/B’ and ’BBB-/A-3′, respectively, on 3 March 2022.
Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore 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).
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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.