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Rating Action:

Moody's assigns (P)Baa3 rating to AngloGold Ashanti's notes; negative outlook

25 Jul 2013

London, 25 July 2013 -- Moody's Investors Service today assigned a provisional (P)Baa3 senior unsecured rating to the proposed issue of unsecured and unsubordinated notes by AngloGold Ashanti Holdings plc ("AGAH"), a wholly-owned subsidiary of AngloGold Ashanti Limited ("AGA"). The notes will be fully and unconditionally guaranteed by AGA. The outlook is negative.

The proposed benchmark issuance of the senior unsecured notes will be used for general corporate purposes, which may include the repurchase or repayment of its US$732.5 million convertible bond due May 2014 and the repayment of other indebtedness. Placement of the new notes will lead AGA to cancel its US$750 million syndicated bridge loan facility, which was put in place to redeem the convertible bond. The (P)Baa3 rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and that these agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

AGA's Baa3 rating is supported by the company's position as the third-largest gold producer globally, with a sizeable reserve base. It also positively reflects the company's good geographic diversity, having 21 operations in 10 different countries and four separate continents. In addition, the rating is supported by a management team that remains committed to a transparent and conservative financial approach, which Moody's expects will ensure that necessary measures are taken to preserve liquidity and reduce operating and capex costs should gold prices remain at around US$1200/oz.

The rating also factors in AGA's operating environment, which includes the event risk from negative developments in terms of higher taxes combined with the high political risk and weak institutional strength to which AGA is exposed to in a number of countries in which it operates. The rating positioning recognises that AGA is primarily a single commodity producer, as well as: (1) the inherent volatility in the gold price, given the fully unhedged position of the company; and (2) the company being able to maintain stable operating margins and operating cash flow should gold remain at prices around US$1200/oz.

The ratings reflect that only in 2014 will AGA realise the full benefits of many of the measures it is taking to reduce its cash outflows in response to lower gold prices, and that these remedial steps may not be sufficient to stabilise operating margins and operating cash flow, especially if the gold price continues to decline. In addition, they factor an additional risk facing AGA of potential prolonged strike action at AGA's South African operations as a result of wage negotiations this year. Furthermore, the rollout of AGA's two key projects, Kibali and Tropicana, have continued to consume both internally generated cash and debt funding, albeit Moody's expects that both projects will come into production by the end of 2013 within budget. All of these factors may pressure AGA's liquidity profile over the next 12 months and place stress on the financial covenants contained in the company's banking facilities.

The negative outlook factors that AGA's liquidity profile has weakened due to the capex requirements of Tropicana and Kibali and the need to ensure that they come on stream according to plan. However, the rating agency expects AGA will take proactive steps with regard to restoring its liquidity profile to its previous position following this capex spend. In Moody's view, it will be important for AGA to deliver these projects in a timely manner, both from a EBITDA/cash flow generation perspective and lowering the cost profile of its production portfolio, especially in light of the lower gold price environment.

Moody's will consider stabilising the outlook on AGA's rating if: (1) the wage negotiation process at its South African mining operations is concluded in such a way the company's liquidity profile and credit metrics remain commensurate with its Baa3 rating; (2) the company takes proactive measures to strengthen its liquidity profile, which would address concerns around potential covenant breaches that could result from a protracted strike action at its mines; and (3) it successfully brings the Tropicana and Kibali projects on stream within its envisaged timeline and budget.

Downward pressure on AGA's rating would likely arise due to heightened operating risk in any of its operating assets that leads to a material deterioration in operating performance. The rating would also come under negative pressure if the company was unable to adjust its cost base in light of lower gold prices such that: (1) total debt/EBITDA exceeds 3.25x; (2) cash flow from operations minus dividends/debt falls below 20%; and (3) its liquidity profile weakens materially.

Given the negative outlook, upward pressure on AGA's rating will remain limited in the short to medium term. However, Moody's anticipates that AGA's total cash cost positioning and credit metrics will improve once its key projects in Kibali and Tropicana come on stream, both of which are expected to have total cash costs lower than the company's current total cash cost of US$894/oz as of 31 March 2013. Longer term, upward rating pressure could occur if AGA's: (1) debt/EBITDA is sustainably less than 2.0x under Moody's forecast assumptions; (2) cash flow from operations minus dividends/debt exceeds 30% on a sustainable basis; (3) AGA is able to sustainably generate positive free cash flow; and (4) liquidity is robust.

Please see latest credit opinion dated 18 July 2013 and associated research for further information.

Moody's last rating action was 12 July 2013 when Moody's downgraded AngloGold Ashanti's issuer rating and the senior unsecured debt obligations of AGA's guaranteed subsidiary, AngloGold Ashanti Holding plc, to Baa3 from Baa2 with a negative outlook.

The principal methodology used in this rating was the Global Mining Industry published in May 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Headquartered in South Africa, AngloGold Ashanti Limited (AGA) is a global gold mining company operating out of 21 locations in Southern and Continental Africa, North and South America, and Australia. With a production of 3.94 million ounces (Moz) of gold and preliminary revenues of US$6.1 billion for the Last Twelve Months Ended (LTM) 31 March 2013, AGA ranks as the world's third largest gold producer. In South Africa (32% of production as of LTM 31 March 2013), AGA has six deep level operations and two surface operations, while most of its operations in other countries are open pit. The company is listed on the New York, Johannesburg, Ghanaian, London and Australian stock exchanges.

The Local Market analyst for this rating is Dion Bate, 27-11-217-5472.

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.

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.

Gianmarco Migliavacca
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David Staples
MD - Corporate Finance
Corporate Finance Group
Telephone: 00971 4237 9536

Releasing Office:
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Moody's assigns (P)Baa3 rating to AngloGold Ashanti's notes; negative outlook
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