Fitch upgrades PJSC Polyus ratings with a stable outlook

LONDON, UK: PJSC Polyus notes that Fitch Ratings has upgraded the Company’s Long-term Issuer Default Rating to ‘BB+’ from ‘BB’, with stable outlook.

The new rating reflects the Company’s strong business profile and credit metrics, achieved as a result of pro-active debt management with a total of USD 1.1 billion repaid since the end of 2019.

The rating upgrade is also supported by Polyus’ industry-leading cost position and status as the world’s fourth-largest gold producer by output, as well as the Company’s substantial gold reserves.

According to Fitch, Polyus’ financial profile is well placed ahead of the expected launch of the Sukhoi Log development project in 2022.

Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented: “This latest rating upgrade from Fitch is another important recognition of our balanced and conservative financial policy, strong operational profile, and well-developed corporate governance system, which adheres to best international standards. We are carefully preparing Polyus for the start of the development of Sukhoi Log, which will represent a new transformative stage for the Company.”

Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore 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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