In 2013, the credit rating agencies Moody’s and Fitch have both assigned first time credit ratings to Nordgold.
|Credit rating||Ba3/Stable||BB-/ Positive|
|Date of rating||19 March 2015||9 March 2017|
In its analysis of Nordgold, Moody’s notes the company’s diversified operational and geographic profile, long-life reserve base, conservative financial policy as well as strong corporate governance practices. The stable outlook on the rating assumes that Nordgold will follow its strategy of organic growth and continue to generate significant operating cash flows.
In its release Fitch notes that the affirmation of the Company’s ratings reflects operational and financial results in line with the agency’s previous expectations, together with good progress on development projects including the commissioning of the Bouly mine. The revision of the Outlook to positive reflects a combination of the operational benefit expected from the commissioning of the company’s Gross mine together with an expected improvement in credit metrics post 2017.