Fitch upgrades Nordgold’s rating outlook to Positive from Stable

MOSCOW, Mar 9 (PRIME) -- Global rating agency Fitch has revised the outlook for the ratings of gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, to Positive from Stable, the agency said in a release on Thursday.

The company’s long-term issuer’s default rating has been affirmed at “BB-“.

“The affirmation of the company's ratings reflects operational and financial results in line with the agency's previous expectations, together with good progress on development projects including the commissioning of the Bouly mine,” the agency said.

It added that the revision of the outlook to Positive reflects a combination of the operational benefit expected from the commissioning of the company's Gross mine together with an expected improvement in credit metrics post 2017.

For further details, see the company’s statement on its official Web site:

https://www.fitchratings.com/site/pr/1020310

(58.2630 rubles – U.S. $1)

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