London, United Kingdom, 29 September 2017 – Nord Gold SE (“Nordgold” or the “Company”) is pleased to announce that Moody’s Investors Service (“Moody’s”) has upgraded the Company’s Corporate family rating (CFR) to Ba2, from Ba3; Probability of default rating (PDR) to Ba2-PD, from Ba3-PD; and Senior unsecured rating of the Company’s notes to Ba2 (LGD 4), from Ba3 (LGD 4).
The outlook on these ratings has been changed to stable from positive.
The decision to upgrade the Company’s rating to Ba2 reflects a number of factors, including Moody’s expectations that Nordgold will pursue a prudent financial policy by maintaining low leverage while generating positive free cash flows and addressing refinancing needs in a timely fashion. The rating also takes into account Nordgold’s geographic diversification, reserve base and track record of organic growth and good corporate governance.
Nordgold is an internationally diversified gold producer established in 2007. Nordgold has a proven track record of operational excellence and benefits from a significant international development pipeline. The Company is relentlessly focused on shareholder value, committed to running safe, efficient, profitable operations, which enable it to generate strong cashflows and in turn, continue to invest in its pipeline of new growth opportunities while generating returns for investors. In 2016, Nordgold produced 869 koz of gold.
Nordgold operates 9 mines (4 in Russia, 3 in Burkina Faso and one each in Guinea and Kazakhstan). It has one project in construction phase (Gross in Russia), several prospective projects and advanced exploration phase and a diverse portfolio of early-stage exploration projects and licences in Burkina Faso, Russia, French Guiana and Canada. Nordgold employs over 8,000 people.
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