The Globe and Mail reports in its Friday edition another rating agency downgraded Barrick Gold's credit to one notch above junk status, citing the gold company's declining production and weak bullion prices. The Globe's Rachelle Younglai writes DBRS said Barrick's efforts to reduce its $13-billion debt by $3-billion this year was not enough to offset the dire gold conditions (all figures U.S.). "When the debt reduction is achieved, credit metrics should improve modestly," DBRS said in a statement. However, it "will not be sufficient to maintain" the higher rating. DBRS also changed its trend on Barrick to "stable" from "negative." Barrick has sold half a dozen gold mines as well as stakes in some of its best operations to reduce debt. It is now in the process of selling a handful of its insignificant American mines, which will contribute to Barrick's shrinking production. In addition to the asset sales, Barrick is planning to slash another $2-billion in expenses by the end of next year. The downgrade follows a similar downgrade by Moody's last week. Most of Barrick's debt was incurred through an ill-timed copper acquisition along with cost overruns at its top gold project in the Andes.