In 2013, the credit rating agencies Moody’s and Fitch have both assigned first time credit ratings to Nordgold.
|Date of rating||29 September 2017||11 February 2018|
In its analysis of Nordgold, Moody’s notes a number of factors, including Moody’s expectations that Nordgold will pursue a prudent financial policy by maintaining low leverage while generating positive free cash flows and addressing refinancing needs in a timely fashion. The rating also takes into account Nordgold’s geographic diversification, reserve base and track record of organic growth and good corporate governance.
In its announcement, Fitch Ratings cites that the rating affirmation reflects Fitch’s view that Nordgold will achieve solid operational and financial performance in 2019-2021 after a challenging 2018. Additional gold volumes from commissioned in H2 2018 Gross mine and the Berezitovy underground mine should increase the Company’s total annual output.