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Rating Action:

Moody's confirms Barrick's Baa3 rating; outlook negative

11 Mar 2016

Approximately US$10 billion of rated debt affected

Toronto, March 11, 2016 -- Moody's Investors Service ("Moody's") confirmed the senior unsecured ratings of Barrick Gold Corporation and all guaranteed rated subsidiaries at Baa3. The rating outlook is negative. This concludes the review for possible downgrade initiated on January 21, 2016.

"The confirmation of Barrick's Baa3 rating is based upon the commitment of management to continue reducing debt and leverage" said Jamie Koutsoukis, Moody's Vice President, Senior Analyst. "They have good assets and excellent liquidity, but leverage is high and they need to continue executing on plans to address it in a meaningful way" she added.

This rating action resolves a rating placed under review pursuant to Moody's review of the global mining sector, parts of which have undergone a fundamental downward shift. While gold has not experienced the same magnitude of recent price reductions seen in base metals, it is nevertheless a volatile commodity, the price of which is very hard to predict as it is not driven by normal industrial supply and demand factors. Moody's expects this price risk to be tempered with a focus on cost efficiency, prudent project development and low financial risk, in terms of leverage, coverage and robust liquidity.

RATINGS RATIONALE

Barrick's Baa3 rating is underpinned by its large scale, diverse and low-cost gold assets, sizeable copper operations, favorable geopolitical risks and excellent liquidity. Moody's expects Barrick will achieve its debt reduction target of $2 billion in 2016, following a $3 billion reduction in 2015, and that the company will continue to take actions to further reduce its costs and capital requirements. Moody's expects Barrick's adjusted financial leverage will be under 3.0x at the end of 2016 (3.2x at Dec15), assuming a gold price of $1100/oz.

Barrick's credit metrics are challenged relative to its similarly-rated peers, and the rating incorporates our view that the company will execute its 2016 debt reduction plans. Barrick continues to limit capital expenditures and it has sold mines as it focuses on leverage reduction. The company expects production will drop to 4.6 million-5.1 million ounces by 2018 from 6.1 million attributable ounces in 2015. As existing mines age, and absent the development of new mines, we expect Barrick's production to decrease further, resulting in a reduction of cash flow and an increase in leverage unless debt is commensurately reduced.

Barrick's liquidity is excellent, which provides significant flexibility to maneuver through a low gold price environment. Cash of $2.5 billion and an undrawn $4 billion revolver ($3.66 billion expires in January 2021 with the remaining amount expiring in January 2020) will be supplemented by an expected positive free cash flow generation of about $500 million at US$1100/oz. Maturities are minimal before 2018 with less than $250 million in debt due that time. The key financial covenant in its credit facility requires Barrick to maintain a net debt to total capitalization ratio of less than 60%. Barrick's net debt to total capitalization was 44% as at December 31, 2015 and we expect ample headroom over the next year.

The negative ratings outlook incorporates the risk in Barrick's ability to execute on its planned debt and leverage reduction in 2016.

An upgrade to Baa2 could occur should Barrick's operating cash flows be able to fund the necessary investments to achieve at least stable production over time as well as sustain Debt/ EBITDA below 2.5x and cash from operations less dividends/ debt around 30%.

Barrick's rating could be downgraded to Ba1 if Debt/ EBITDA appeared likely to be sustained above 3.0x and cash from operations less dividends/ debt sustained below 20%.

Affirmations:

..Issuer: Barrick Gold Corporation

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

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

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Barrick Gold Finance Company

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Barrick International Bank Corp.

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Barrick North America Finance LLC

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Placer Dome Inc.

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

Outlook Actions:

..Issuer: Barrick Gold Corporation

....Outlook, Changed To Negative From Rating Under Review

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

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Barrick Gold Finance Company

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Barrick International Bank Corp.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Barrick North America Finance LLC

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Placer Dome Inc.

....Outlook, Changed To Negative From Rating Under Review

Barrick Gold Corporation is one of the world's largest gold producers, with mines in the US, Canada, Peru, Argentina, Dominican Republic, Papua New Guinea, Australia and Africa, and copper mines in Chile, and Zambia. Barrick is headquartered in Toronto, Canada.

The principal methodology used in these ratings was Global Mining Industry published in August 2014. Please see the Ratings Methodologies 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 rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Moody's has not provided advisory services but may have provided Ancillary or Other Permissible Service(s) to the rated entity, its related third parties and/or the party that requested the rating within the past two years (including during the most recently ended fiscal year). Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's credit rating agency in Canada" on the ratings disclosure page www.moodys.com/disclosures on our website for further information.

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.

Jamie Koutsoukis
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, CFA
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 confirms Barrick's Baa3 rating; outlook negative
No Related Data.
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