LONDON: PJSC Polyus notes that S&P Global Ratings (“S&P”) has upgraded the Company’s long-term issuer credit and issue ratings to ‘BB+’ with a stable outlook from ‘BB’/positive.

In assigning Polyus a ‘BB+’ Rating, S&P highlighted the Company’s conservative financial and dividend policy, which Polyus has been strictly following over the previous years.

The upgrade also reflects Polyus’ strengthening credit metrics, supported by strong operating performance, positive free operating cash flow generation and prudent liquidity management.

S&P sees Polyus’ business risk profile as one of the strongest among gold producers globally, with Sukhoi Log further expanding the Company’s reserve base. Among other rating drivers, S&P separately underscored the Company’s adherence to the leading corporate governance standards.

Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented: “We welcome this rating action, which follows the Company’s outlook upgrade by S&P earlier this year. We are pleased that our commitment to balanced financial policy and adherence to strong corporate governance practices result in a revision of our credit ratings.”

Polyus is the world’s fourth-largest gold mining company by production volumes and one of two gold miners with the largest attributable gold reserves. The company demonstrates the lowest production costs among major global gold producers.

Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).

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