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Related Issuers
Rating Action:

Moody's places IAMGOLD's ratings (B2 CFR) under review for downgrade

06 May 2022

Toronto, May 06, 2022 -- Moody's Investors Service ("Moody's") placed IAMGOLD Corporation's (IAMGOLD) B2 corporate family rating (CFR), B2-PD probability of default rating and B3 senior unsecured notes rating under review for downgrade. The outlook has changed to rating under review from stable. The review for downgrade was prompted by IAMGOLD's announcement of a material increase in the estimated capital cost of its Côté Gold project and an expected delay in the completion of the project. In addition the company announced it is investigating measures to increase liquidity and capital resources for completion of Côté Gold. [1]

On Review for Downgrade:

..Issuer: IAMGOLD Corporation

.... Corporate Family Rating, Placed on Review for Downgrade, currently B2

.... Probability of Default Rating, Placed on Review for Downgrade, currently B2-PD

....Gtd Senior Unsecured Global Notes, Placed on Review for Downgrade, currently B3 (LGD5)

Outlook Actions:

..Issuer: IAMGOLD Corporation

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

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's placed IAMGOLD's ratings under review for downgrade to reflect the likelihood of a meaningful deterioration in financial leverage and liquidity in the next 12-24 months as the company completes the Côté Gold project. IAMGOLD is now indicating that the project will require between $1.2 to $1.3 billion of capital spending through 2023 to complete. This is about an over 70% increase compared to previous guidance of between $710 million and $760 million. In addition the project target completion date has been moved to approximately the end of 2023, representing a four to five month delay. The company has indicated that it will provide a detailed update on the Côté Gold project before the end of the second quarter 2022 (June 30). With the increased cost and delay the of the project, IAMGOLD will require additional liquidity and capital resources.

IAMGOLD's liquidity, as of March 31 2022, is supported by $552 million in cash and cash equivalents and near full availability on its $500 million revolving credit facility due in January 2025.

The ratings review will focus on IAMGOLD's projected operating and financial performance in 2022 and 2023, and various strategies contemplated by the company to secure the incremental funding required to complete the Côté Gold project. An important part of the review will be an assessment of the financial flexibility and company's ability to maintain the adequate liquidity levels and credit metrics commensurate with B2 rating throughout the project construction period.

Headquartered in Toronto, Canada, IAMGOLD owns and operates three gold mines: Rosebel (95% owned,154koz of attributable gold production in 2021) in Suriname, Essakane (90%, 412koz) in Burkina Faso, and Westwood (100%, 13koz) in Canada. The company also owns 64.75% of the Côté Gold project in Ontario (Sumitomo Metal Mining owns 27.75% and 7.5% is held by other investors) which is currently under development in Canada and the Boto gold project in Senegal. Revenues for LTM Q3/2021 were $1.2 billion.

The principal methodology used in these ratings was Mining published in October 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1292752. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

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

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

REFERENCES/CITATIONS

[1] 2022 Q1 Report 03-May-2022

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
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Peter H. Abdill, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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