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S & P upgrades Barrick to BBB + with stable outlook, Canadian Business Journal

All amounts are expressed in US dollars

Toronto, March 29, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) today upgrades Barrick’s long-term corporate credit rating from BBB to BBB + by S & P Global Ratings (“S & P”) I announced that I did. Stable outlook. This follows a similar upgrade to Baa1 by Moody’s Investors Service in October 2020.

In a news release announcing the upgrade, S & P said the upgrade had significant financial flexibility in Barrick, a favorable view of Barrick’s operational efficiency and breadth, and a very strong credit profile for the company even when gold prices fell. Said that it reflects the expectation of maintaining resilience.

Since March 2015, when Barrick’s long-term corporate debt rating was last downgraded by S & P, Barrick’s credit rating has been stable or improved, including the March 2018 BBB-to BBB upgrade.

Graham Shuttleworth, Senior Executive Vice President and Chief Financial Officer, said: It generated strong free cash flow, reduced net debt and significantly increased shareholder returns. This includes a record $ 1.4 billion cash distribution in 2021 and a recently announced performance dividend policy. “

Barrick is in a strong liquidity position, with $ 130 million in consolidated net cash at the end of 2021, an unused $ 3 billion line of credit, and no heavy debt repayments by 2033 to implement its strategic goals. Provides sufficient liquidity for. Said.

inquiry:

President and Chief Executive Officer
Mark Bristow
+1 647 205 7694
+44 788 071 1386

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

Investor-Media Relationship
Kathy du Presis
+44 20 7557 7738
Email: barrick@dpapr.com

Website: www.barrick.com

Precautions regarding future prospects

Certain information contained in or incorporated by reference in this press release, including information about our strategies, projects, plans, or future financial or operating results, constitutes a “forward-looking statement.” To do. All statements except historical facts are forward-looking statements. Expressions such as “provide,” “should,” “remain,” “expect,” “strategy,” and “will” indicate future prospects. In particular, this press release contains forward-looking statements, including but not limited to Barrick’s performance dividend policy. Barrick’s financial strength and expected liquidity level. And Barrick’s ability to carry out that strategic goal. Forward-looking statements make important estimates and assumptions that we consider reasonable as of the date of this press release in light of management’s experience and awareness of the current situation and expected developments. It is inevitably based on many estimates and assumptions, including. Affected by inherently significant business, economic and competitive uncertainties and contingencies.

Many of these uncertainties and contingencies may affect our actual results, and the actual results are expressed or expressed in statements regarding future prospects made by or on our behalf. It can be very different from what is implied. Readers should note that forward-looking statements do not guarantee future performance. All forward-looking statements made in this press release are qualified by these notes. The latest Form 40-F has been submitted to the SEC and Canadian State Securities Regulators for more information on some of the factors underlying the forward-looking statement and the risks that may affect Barrick’s capabilities. / Please refer to the annual information form specifically. To achieve the expectations set forth in the forward-looking statements contained in this press release.

We disclaim any intention or obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by applicable law.


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S & P upgrades Barrick to BBB + with stable outlook, Canadian Business Journal

Source link S & P upgrades Barrick to BBB + with stable outlook, Canadian Business Journal

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