In 2013, the credit rating agencies Moody’s and Fitch have both assigned first time credit ratings to Nordgold.
|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.
The upgrade reflects Nordgold's strong operational and financial results exceeding Fitch's expectations, together with good progress in the commissioning and ramp-up of development projects eg, the Bouly mine in Burkina Faso launched in September 2016 and the commissioning of the Gross project in Russia expected in 1H18.