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Rating Action:

Moody's confirms Gold Fields' Ba1 ratings; stable outlook

18 Mar 2016

London, 18 March 2016 -- Moody's Investors Service confirmed the corporate family rating (CFR) and probability of default ratings (PDR) of Gold Fields Limited (Gold Fields) at Ba1 and Ba1-PD, respectively. Concurrently, Moody's has confirmed the Ba1 rating assigned to the $1 billion ($852M outstanding) senior unsecured notes due 7 October 2020 issued by Gold Fields Orogen Holding (BVI) Limited, guaranteed by Gold Fields. The outlook on all the ratings is stable. This concludes the review for downgrade initiated on 22 January 2016.

"The confirmation of Gold Fields' Ba1 ratings with a stable outlook reflects the company's maintenance of strong credit metrics and the significant inroads it has made in de-risking its business profile, specifically starting to deliver consistent production with a reducing cost at its South Deep mine project in South Africa", said Douglas Rowlings, a Moody's Analyst.

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

Today's confirmation primarily reflects Moody's expectations that, under a new mine management team, Gold Fields' South Deep mine project could generate free cash flow in 2016 at a gold price of $1,100/oz and a South African rand/US dollar exchange rate of 16, bolstering the company's already robust metrics. Furthermore, Gold Fields successfully negotiated a three-year wage agreement with South Deep mine project employees in 2015 averting a potential labour dispute.

The company has also steeply reduced its all-in cost of gold production across their portfolio of mines to around $942 per ounce for the quarter ended 31 December 2015 from $1,572 per ounce for the quarter ended 30 June 2013.

Gold Field's Ba1 corporate family rating is driven by the company's strong leverage and interest coverage metrics, exposure to gold price volatility, moderate scale with reasonable mine and geopolitical diversity and continuing stable production profile. The rating is constrained by relatively high mining costs, limited visibility of reserve replenishment at its orogenic Australian mines and production ramp-up execution risk at its South Deep mine in South Africa.

Moody's views favourably the track record of successful delivery that has been observed over the past year at the company's South Deep mine under its new mine management team. Production from the mine will play an integral part in Gold Fields' longer term production profile, representing around 73% of its reserve base.

Moody's sees Gold Field's liquidity as good over the next year, which is supported by the company's $440 million of cash at 31 December 2015 and the $1 billion availability under its revolving credit facilities. We expect about $108 million of free cash flow generation during 2016 at gold price of $1,100 per ounce. The company has no debt maturities over the next 12-18 months, and they have a large cushion on their covenants.

RATIONALE FOR STABLE OUTLOOK

The stable outlook assumes Gold Fields continues to maintain its robust liquidity profile and protective all-in production cost profile, which ensure consistent free cash flow generation in a volatile gold price environment with leverage remaining at current levels. At the same time, the rating assumes Gold Fields' ability to ensure free cash flow generation from its South Deep mine project over the long-term.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure could result if Gold Fields' maintains adjusted debt/ EBITDA below 3.0x (2x for the year ended December 2015 ) and CFO minus dividends /debt above 30% (41.2% for the year ended December 2015), coupled with continuing to build a production and cost delivery track record at its South Deep mine and with production levels being maintained at its Australian mines through reserve replenishment.

Negative pressure could be exerted on Gold Fields' Ba1 corporate family rating if leverage, as measured by Moody's adjusted debt/EBITDA, exceeds 3.5x and cash flow from operations minus dividends/debt falls below 20% on a sustained basis.

Negative pressure could also be exerted on the company's rating following increased liquidity risk or should Gold Fields be unable to access cash flows from any of its important international operations, namely, Ghana, Australia and Peru. Similarly any reversal of de-risking the South Deep mine project could also place negative pressure on the rating and/or outlook.

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.

The Local Market analyst for this rating is Douglas Rowlings, 971-4-237-9543.

Headquartered in Johannesburg, Gold Fields Limited (Gold Fields) is a global gold mining company with sales totalling $2.55 billion and annual attributable production of 2.2 million ounces for the financial year ended 31 December 2015, making it the seventh-largest gold producer globally.

The group is listed on the Johannesburg, New York, NASDAQ Dubai, Swiss and Brussels stock exchanges.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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
VP - Senior Credit Officer
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 G. Staples
MD - Corporate Finance
Corporate Finance Group
Telephone: 00971 4237 9536

Releasing Office:
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

Moody's confirms Gold Fields' Ba1 ratings; stable outlook
No Related Data.
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