Moody's Ratings affirms Kinross' Baa3, maintains stable outlook - Moody's Global Credit Research

Moody's Ratings affirms Kinross' Baa3, maintains stable outlook

Moody's Ratings affirms Kinross' Baa3, maintains stable outlook - Moody's Global Credit Research
Moody's Ratings affirms Kinross' Baa3, maintains stable outlook
Published Apr 26, 2024
5 pages (2513 words) — Published Apr 26, 2024
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Kinross Gold Corporation
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Kinross Gold Corporation: Update to credit analysis - Credit Opinion – 2024/05/02 – US$ 250.00 – ...Kinross' Baa3 senior unsecured rating benefits from: 1) good scale and our expectation of a stable production profile through the end of the decade (~2.0 million gold-equivalent ounces (GEO); 2) low leverage (1.1x for the twelve months ended December 2023 adjusted debt/ EBITDA); and 3) conservative financial policies. Kinross is constrained by: 1) a concentration of operating earnings and cash flow generation from two sites: Tasiast in Mauritania (not rated) and Paracatu in Brazil (Ba2 stable); 2) the geopolitical risk of its Tasiast mine; and 3) sensitivity to gold price volatility....

Kinross Gold Corporation - September 2023 (LTM): Peer Snapshot - Peer Snapshot – 2023/12/07 – US$ 750.00 – ...Kinross Gold Corporation Newcrest Mining Limited Gold Fields Limited Baa3 Stable Baa2 Positive Baa3 Stable...

Kinross Gold Corporation - June 2023 (LTM): Peer Snapshot - Peer Snapshot – 2023/09/06 – US$ 750.00 – ...Kinross Gold Corporation Newcrest Mining Limited Gold Fields Limited Baa3 Stable Baa2 Positive Baa3 Stable...

Kinross Gold Corporation: Update to credit analysis - Credit Opinion – 2023/06/14 – US$ 250.00 – ...Kinross (Baa3 stable) benefits from: 1) good scale (~2.0 million gold-equivalent ounces (GEO) for the twelve month ended March 2023); 2) low leverage (2.0x for the twelve month ended March 2023 adjusted debt/EBITDA); 3) a lower-risk brownfield development pipeline when compared to greenfield; and 4) conservative financial policies. Kinross is constrained by: 1) a concentration of 2023 cash flow from three sites: Tasiast in Mauritania, La Coipa in Chile and Paracatu in Brazil; 2) the geopolitical risk of its Tasiast mine; 3) sensitivity to gold price volatility; and 4) high operating costs ($1,139/GEO in 2022 operating costs defined as (Revenue-EBITDA)/GEO)....

Kinross Gold Corporation - March 2023 (LTM): Peer Snapshot - Peer Snapshot – 2023/06/12 – US$ 750.00 – ...Kinross Gold Corporation Newcrest Mining Limited Gold Fields Limited Baa3 Stable Baa2 Positive Baa3 Stable...

Kinross Gold Corporation - September 2022 (LTM): Peer Snapshot - Peer Snapshot – 2023/01/04 – US$ 750.00 – ...Kinross Gold Corporation Newcrest Mining Limited Gold Fields Limited Baa3 Stable Baa2 Stable Baa3 Stable...

More from Moody's Global Credit Research

Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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MLA:
Moody's Global Credit Research. "Moody's Ratings affirms Kinross' Baa3, maintains stable outlook" Apr 26, 2024. Alacra Store. May 09, 2024. <http://www.alacrastore.com/moodys-credit-research/Moody-s-Ratings-affirms-Kinross-Baa3-maintains-stable-outlook-PR_489318>
  
APA:
Moody's Global Credit Research. (). Moody's Ratings affirms Kinross' Baa3, maintains stable outlook Apr 26, 2024. New York, NY: Alacra Store. Retrieved May 09, 2024 from <http://www.alacrastore.com/moodys-credit-research/Moody-s-Ratings-affirms-Kinross-Baa3-maintains-stable-outlook-PR_489318>
  
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