...Kinross Gold Corporation's ratings reflect modest leverage and robust liquidity, which should support near-term capital projects to diversify production and improve costs. The acquisitions of Bald Mountain and the remaining 50% of Round Mountain in Nevada in 2016, as well as expansions in the Americas and Africa, diversify Kinross' concentration in Russia, reduce costs, and should grow production through 2020. Fitch Ratings currently assumes that negotiations with the Mauritania government will not materially reduce liquidity or delay the Tasiast Phase Two project. The Stable Outlook reflects Fitch's expectation that Kinross' total debt/EBITDA will generally be below 2.0x and cash flow generation combined with its current cash balance will be sufficient to fund project and expansion capex. Should internal cash generation fall behind expectations, Fitch expects expenditures to be delayed or supported by equity issuance or asset sales....
