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Rating Action:

Moody's affirms Barrick's Baa2 rating; outlook remains negative

05 Nov 2014

Approximately $10 billion of debt securities affected

Toronto, November 05, 2014 -- Moody's Investors Service affirmed the Baa2 senior unsecured ratings of Barrick Gold Corporation (Barrick) and all rated subsidiary issuers guaranteed by Barrick. The outlook remains negative.

RATINGS RATIONALE

"We affirmed Barrick's ratings at Baa2 because we expect the company will continue to take aggressive steps to reduce its sizeable debt burden to offset pressures arising from declining cash flows in the current, lower, gold price environment", said Darren Kirk, Moody's vice president and senior credit officer.

Barrick's Baa2 senior unsecured rating is underpinned by the company's flexibility to manage through a prolonged period of gold price weakness given its large scale, diverse and low-cost gold assets, sizeable copper operations, relatively favorable geopolitical risks and excellent liquidity. The rating incorporates Moody's expectation that Barrick will undertake asset sales or other deleveraging transactions to reduce its adjusted financial leverage towards 3x through 2015 from a range of between 3.25x to 4x that would otherwise occur, incorporating average gold price sensitivities of $1,200/oz to $1,100/oz. Moody's believes Barrick could restrain its capital expenditures to maintenance levels and achieve breakeven free cash flow at a gold price as low as $1,100/oz but that the low capex will eventually cause its gold production to decline. This could begin to occur as early as 2017 in Moody's estimate, resulting in falling organic cash flows and rising leverage in this timeframe unless the gold price rebounds.

Moody's views Barrick's liquidity as excellent. The company maintains about $2.7 billion in cash of which Moody's estimates about $1.5 billion is surplus and freely available and an undrawn $4 billion revolver (matures 2019) compared to mandatory debt repayments of $200 million through 2015 (and an aggregate of $900 million through 2017). Moody's expects that Barrick will produce breakeven free cash flow over the next year and maintain good headroom to its consolidated tangible net worth covenant in its bank credit facility ($7.3 billion at Q3/14 versus a minimum of $3 billion).

The negative ratings outlook incorporates execution risks associated with Barrick's plans to reduce its debt as well as the risk of deteriorating credit metrics should the gold price be sustained below $1,200/oz.

An upgrade would require Moody's to expect Barrick's operating cash flows would be able to fund the necessary investments to achieve at least stable production over time as well as sustained Debt/ EBITDA below 2x and (CFO less dividends)/debt above 35%.

Barrick's rating could be downgraded if Moody's loses confidence in Barrick's ability or willingness to reduce its leverage. A downgrade could occur if Debt/ EBITDA would likely be sustained above 3.25x and (CFO less dividends)/debt below 20%.

Affirmations:

..Issuer: Barrick Gold Corporation

....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa2

..Issuer: Barrick (PD) Australia Finance Pty Ltd

....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa2

..Issuer: Barrick Gold Finance Company

....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa2

..Issuer: Barrick International Bank Corp.

....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa2

..Issuer: Barrick North America Finance LLC

....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa2

..Issuer: Placer Dome Inc.

....Senior Unsecured Regular Bond/Debenture, Affirmed at Baa2

Outlook Actions:

..Issuer: Barrick Gold Corporation

....Outlook, remains Negative

..Issuer: Barrick (PD) Australia Finance Pty Ltd

....Outlook, remains Negative

..Issuer: Barrick Gold Finance Company

....Outlook, remains Negative

..Issuer: Barrick International Bank Corp.

....Outlook, remains Negative

..Issuer: Barrick North America Finance LLC

....Outlook, remains Negative

..Issuer: Placer Dome Inc.

....Outlook, remains Negative

The principal methodology used in these ratings was Global Mining Industry published in August 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

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Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Darren M. Kirk
Vice President - Senior Analyst
Corporate Finance Group
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
(416) 214-1635

Donald S Carter
MD - Corporate Finance
Corporate Finance Group
(416) 214-1635

Releasing Office:
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
(416) 214-1635

Moody's affirms Barrick's Baa2 rating; outlook remains negative
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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