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Announcement:

Moody's affirms Goldcorp's Baa3 Issuer Rating

03 Sep 2010

New York, September 03, 2010 -- Moody's Investors Service affirmed Goldcorp Inc's Baa3 foreign currency Issuer rating. The outlook is stable.

The affirmation considers Goldcorp's agreement to acquire 100% of Andean Resources Limited for approximately C$3.6 billion. The purchase price will be met through a combination of shares and cash with the cash consideration portion not to exceed C$1 billion. The acquisition of Andean Resources provides Goldcorp with ownership of the Cerro Negro gold project in Argentina, which project has indicated resources of 2.54 million ounces of gold and 23.56 million ounces of silver, as well as further exploration potential. The acquisition remains in line with the company's strategic objective to grow its gold production profile to 3.8 million ounces by 2014 and focus on low cost mines.

Given the robust gold price through August 2010 and expectations for gold and silver prices to remain high for the balance of the year, Goldcorp's earnings and operating cash flow are tracking strongly through June 30, 2010 and expected to exhibit a comparable profile for the second half of the year. As a consequence metrics remain strong and the rating can accommodate this transaction. In addition, the important Penasquito project continues to ramp up in line with expectations and will be an important contributor to earnings and cash flow once it reaches full capacity, currently anticipated for early 2011. The company's liquidity remains healthy with roughly $497 million in cash at June 30, 2010 and no borrowings under its $1.5 billion revolving credit facility. The proposed transaction to sell its shares in Terrane Metals Corp to Thompson Creek Metals includes a cash payment of approximately C$240 million, which would further augment Goldcorp's liquidity position supporting the potential $1.0 billion cash component of the Andean Resources acquisition.

Goldcorp's stable outlook reflects Moody's expectation that the company will continue to generate good operating cash flows, prudently manage its investment decisions relative to anticipated levels of cash flow, and maintain a conservative capital structure and healthy liquidity position.

While the company's earnings capacity and financial structure can accommodate this transaction, we note that Goldcorp has entered into a number of acquisitions to date in 2010, and has an extensive project pipeline with relatively high capital expenditure requirements over the next several years. The rating or outlook could come under pressure in a lower gold price environment should substantive capital expenditures or ongoing acquisition activity result in negative free cash flow on a consistent basis.

Moody's last rating action on Goldcorp was June 1, 2009 when we assigned the Baa3 foreign currency issuer rating.

The principal methodology used in rating Goldcorp was Moody's Global Mining Industry Rating Methodology published in May 2009 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Goldcorp was incorporated in Ontario and is headquartered in Vancouver, British Columbia. The company is primarily a gold and silver producer with 2009 annual gold sales of approximately 2.3 million ounces. The company also derives revenue from the sale of copper and molybdenum and with the addition of the Peñasquito Mine, zinc and lead. As of the twelve months ended June 30, 2010, Goldcorp recorded $3.1 billion in revenues.

New York
Brian Oak
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Carol Cowan
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Moody's affirms Goldcorp's Baa3 Issuer Rating
No Related Data.
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