In 2013, the credit rating agencies Moody’s and Fitch have both assigned first time credit ratings to Nordgold.

Moody’s Fitch
Credit rating Ba2/Stable BB-/ Positive
Date of rating 29 September 2017 9 March 2017

In its analysis of Nordgold, Moody’s notes 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.

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.


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Irina Dormidontova

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