Moody’s Upgrades Barrick to A3 with Stable Outlook

Rhea-AI Summary

Barrick Gold Corporation (NYSE:GOLD) announced a credit rating upgrade from Moody's Investors Service, moving from Baa1 to A3 with a stable outlook. This upgrade reflects Barrick's excellent liquidity and improved capital structure, allowing for better flexibility amid gold price volatility. Since its last downgrade in 2015, Barrick has progressively improved its credit standing, showcasing strong overall business performance alongside record shareholder returns in 2021 and 2022.

Positive

• Credit rating upgraded to A3 from Baa1 by Moody's, indicating improved financial strength.
• Excellent liquidity provides flexibility to manage gold price fluctuations.
• Steady improvements in credit rating since 2015, enhancing investor confidence.
• Record returns to shareholders in 2021 and 2022.

Negative

• None.

TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that Moody’s Investors Service (“Moody’s”) has upgraded the senior unsecured ratings of Barrick and all rated subsidiaries to A3 from Baa1, with a stable outlook.

In a news release announcing the upgrade, Moody’s noted that Barrick’s liquidity is excellent, which provides significant flexibility to maneuver through gold price volatility.

Since August 2015, when Barrick’s long-term corporate debt rating was last downgraded by Moody’s, Barrick’s credit rating has been upgraded to Baa2 from Baa3 in March 2018 and to Baa1 from Baa2 in October 2020.

Senior executive vice-president and chief financial officer Graham Shuttleworth said: “This upgrade is reflective of the continued progress that Barrick has made in strengthening our balance sheet and managing our capital structure. These improvements to our credit standing have been made alongside record returns to shareholders in 2021 and 2022, highlighting the strong overall performance of our business.”

Enquiries:

President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386

Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com

FAQ

What was Barrick Gold's recent credit rating upgrade from Moody's?

Barrick Gold's credit rating was upgraded to A3 from Baa1 by Moody's Investors Service.

How does Barrick Gold's liquidity affect its operations?

Barrick Gold's excellent liquidity enhances its flexibility to navigate gold price volatility.

What have been the credit rating trends for Barrick Gold since 2015?

Barrick's credit rating improved from Baa3 in 2018 to Baa1 in 2020 and now to A3.

What returns have shareholders seen from Barrick Gold in recent years?

Barrick Gold reported record returns to shareholders in both 2021 and 2022.

What is the stock symbol for Barrick Gold?

The stock symbol for Barrick Gold is GOLD.