05:45:02 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,577,478
Close 2018-03-22 C$ 15.71
Market Cap C$ 18,326,932,179
Recent Sedar Documents

Barrick upgraded to BBB by S&P Global

2018-03-22 16:38 ET - News Release

Mr. Andy Lloyd reports

S&P UPGRADES BARRICK TO BBB WITH STABLE OUTLOOK

S&P Global Ratings has upgraded Barrick Gold Corp.'s long-term corporate credit rating to BBB from BBB minus, with a stable outlook. The follows a similar upgrade to Baa2 by Moody's Investors Service on March 1. All currency amounts in this news release are expressed in U.S. dollars.

In a press release announcing the upgrade, S&P cited, "Improvement in Barrick's financial risk profile following sustained strength in the company's earnings and cash flow over the past two years alongside material debt repayment." Highlighting the company's cost profile, S&P noted, "Barrick's cash cost position, estimated in the mid-$500 (U.S.)/ounce area (net of byproduct revenues) in 2018, is in the lower half of the industry cost curve and more advantageous than that of most of its closest competitors over the past few years."

Over the past three years, Barrick has reduced its total debt by more than 50 per cent, from $13.1-billion at the start of 2015, to $6.4-billion at the end of 2017. The company's goal remains to reduce total debt to around $5-billion by the end of 2018, primarily by using cash flow from operations and cash on hand, and potentially through further portfolio optimization. Barrick will continue to pursue debt reduction with discipline, taking only those actions that make sense for the business, on terms favourable to the company's shareholders.

At the end of the fourth quarter, Barrick had a consolidated cash balance of approximately $2.2-billion. The company has less than $100-million in debt due before 2020 (1). More than three-quarters of Barrick's outstanding total debt of $6.4-billion does not mature until after 2032.

(1) Amount excludes capital leases and includes Acacia (100-per-cent basis).

We seek Safe Harbor.

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