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I AGREE
Rating Action:

Moody's reviews Barrick's ratings for downgrade

17 Apr 2013

Approximately $7.45 billion of debt placed under review

New York, April 17, 2013 -- Moody's Investors Service placed the Baa1 senior unsecured rating of Barrick Gold Corporation and all rated subsidiary issuers guaranteed by Barrick under review for possible downgrade.

The review arises from the challenges facing the company on its Pascua Lama project following the Chilean government's injunction to halt construction activity on the Chilean side of the project and the uncertainty this creates with respect to the cost and timing of this project. The review is also attributable to the flat to declining production profile in 2013 relative to 2012 and increasing cost base, and likelihood of greater than expected negative free cash flow particularly given the high capital expenditure profile in 2013 and possibly 2014. The recent collapse in gold prices and expected increase in volatility is also a factor in the review although not the principal driver as our sensitivity scenarios are run at prices lower than those at which gold is currently trading. Should the review result in a downgrade, it is not likely to be more than one notch.

On Review for Possible Downgrade:

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

....Senior Unsecured Regular Bond/Debenture Oct 15, 2039, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Jan 15, 2020, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barrick Gold Corporation

....Senior Unsecured Regular Bond/Debenture Nov 15, 2034, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Apr 1, 2019, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture May 30, 2014, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture May 30, 2016, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Apr 1, 2022, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Apr 1, 2042, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barrick Gold Finance Company

....Senior Unsecured Regular Bond/Debenture Nov 15, 2034, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Nov 15, 2014, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barrick Gold Financeco LLC

....Senior Unsecured Regular Bond/Debenture Sep 15, 2013, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barrick International Bank Corp.

....Senior Unsecured Regular Bond/Debenture Oct 15, 2036, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Oct 15, 2016, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Barrick North America Finance LLC

....Senior Unsecured Regular Bond/Debenture Sep 15, 2038, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Sep 15, 2018, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture May 30, 2021, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture May 30, 2041, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Placer Dome Inc.

....Senior Unsecured Regular Bond/Debenture Jun 15, 2015, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Mar 1, 2033, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture Oct 15, 2035, Placed on Review for Possible Downgrade, currently Baa1

Outlook Actions:

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

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

..Issuer: Barrick Gold Corporation

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

..Issuer: Barrick Gold Finance Company

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

..Issuer: Barrick Gold Financeco LLC

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

..Issuer: Barrick International Bank Corp.

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

..Issuer: Barrick North America Finance LLC

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

..Issuer: Placer Dome Inc.

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

RATINGS RATIONALE

The review will focus on steps Barrick can take to improve its cost profile, the impact of, possible responses to, and timing with respect to the Pascua Lama situation, and other possible actions that could support the earnings and cash flow generation profile and minimize the need for continued incremental increases in debt.

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

Headquartered in Toronto, Canada, Barrick is the world's largest producer of gold and has positions in copper as well. In 2012, the company produced approximately 7.4 million ounces of gold and 468 million pounds of copper. The company's operating mines, reserves, and projects are globally diversified. The company generated revenues of $14.5 billion in 2012, with realized gold prices per ounce of $1,669 and realized copper prices per pound of $3.57.

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.

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.

Carol Cowan
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Brian Oak
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews Barrick's ratings for downgrade
No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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