Standard and Poor's Assigns Gold Fields an Investment Grade Credit Rating
March 19 2009 - 7:24AM
PR Newswire (US)
JOHANNESBURG, March 19 /PRNewswire-FirstCall/ -- Standard and
Poor's Ratings Services ("S&P") today assigned Gold Fields
Limited ("Gold Fields") (JSE, NYSE, NASDAQ Dubai: GFI) with a
'BBB-/ A-3' long-term and short-term global corporate credit rating
and 'zaA/zaA-1' long- term and short-term South Africa national
scale corporate credit rating. The outlook is stable. The long-term
ratings reflect Gold Fields' satisfactory business risk and
intermediate financial risk profiles while the short-term ratings
reflect Gold Fields' adequate liquidity. The satisfactory business
risk profile reflects Gold Fields' market position as the world's
fourth largest gold producer, an industry-leading long reserve life
of over 20 years, healthy profitability underpinned by persistently
strong gold prices. The company's leverage and financial policy is
considered to be moderate. The stable outlook reflects the
expectation that Gold Fields will continue to report healthy cash
flow generation, supported by ongoing strong gold prices and a weak
exchange rate. Paul Schmidt, Chief Financial Officer of Gold
Fields, said: "The credit rating is an independent endorsement of
Gold Fields as an investment grade company with a stable outlook.
The rating further confirms aspects such as Gold Fields' sound
corporate governance and risk management while aligning it with
global best practice and its peers. Although the intention is to
reduce debt over the next 18 months, an official credit rating will
allow flexibility to efficiently structure long-term debt as well
as new debt, should the need arise." About Gold Fields Gold Fields
Limited is one of the world's largest unhedged producers of gold
with attributable production of 3,64 million ounces per annum from
eight operating mines in South Africa, Ghana and Australia. A ninth
mine, Cerro Corona Gold/Copper mine in Peru, commenced production
in August 2008 at an initial rate of approximately 375,000 gold
equivalent ounces per annum. Gold Fields aims to reach a production
rate of approximately 4.0 million ounces per annum during the March
quarter of 2009. The company has total attributable ore reserves of
83 million ounces and mineral resources of 251 million ounces. Gold
Fields is listed on the JSE Limited (primary listing), New York
Stock Exchange (NYSE), NASDAQ Dubai Limited (NASDAQ Dubai), New
Euronext in Brussels (NYX) and Swiss Exchange (SWX). For more
information please visit the Gold Fields website at
http://www.goldfields.co.za/. DATASOURCE: Gold Fields Limited
CONTACT: Enquiries: Willie Jacobsz, Mobile: +1-857-241-7127; Nikki
Catrakilis-Wagner, Mobile: +27(0)83-309-6720; Marritt Claassens,
Mobile: +27(0)82-307-3297
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