Announcement of Periodic Evaluate: Moody’s pronounces completion of a periodic evaluate of rankings of Yamana Gold, Inc.
International Credit score Analysis – 20 Aug 2020
Toronto, August 20, 2020 — Moody’s Traders Service (“Moody’s”) has accomplished a periodic evaluate of the rankings of Yamana Gold, Inc. and different rankings which might be related to the identical analytical unit. The evaluate was performed by a portfolio evaluate through which Moody’s reassessed the appropriateness of the rankings within the context of the related principal methodology(ies), current developments, and a comparability of the monetary and working profile to equally rated friends. The evaluate didn’t contain a ranking committee. Since 1 January 2019, Moody’s apply has been to concern a press launch following every periodic evaluate to announce its completion.
This publication doesn’t announce a credit standing motion and isn’t a sign of whether or not or not a credit standing motion is probably going within the close to future. Credit score rankings and outlook/evaluate standing can’t be modified in a portfolio evaluate and therefore aren’t impacted by this announcement. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion data and ranking historical past.
Key ranking concerns are summarized under.
Yamana’s Baa3 ranking advantages from low leverage ensuing from the debt compensation accomplished following the sale of its Chapada mine, anticipated secure manufacturing with a good price place, and free money stream technology over the medium time period. Constraints to the ranking embrace its smaller scale in comparison with funding grade friends, and a significant publicity to Argentina which we view as having greater geopolitical danger.
This doc summarizes Moody’s view as of the publication date and won’t be up to date till the following periodic evaluate announcement, which can incorporate materials adjustments in credit score circumstances (if any) throughout the intervening interval.
The principal methodology used for this evaluate was Mining printed in September 2018. Please see the Ranking Methodologies web page on www.moodys.com for a duplicate of this system.
This announcement applies solely to EU rated and EU endorsed rankings. Non EU rated and non EU endorsed rankings could also be referenced above to the extent needed, if they’re a part of the identical analytical unit.
This publication doesn’t announce a credit standing motion. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion data and ranking historical past.
Jamie Koutsoukis Vice President - Senior Analyst Company Finance Group Moody's Canada Inc. 70 York Road Suite 1400 Toronto, ON M5J 1S9 Canada JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Donald S. Carter, CFA MD - Company Finance Company Finance Group JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Releasing Workplace: Moody's Canada Inc. 70 York Road Suite 1400 Toronto, ON M5J 1S9 Canada JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653
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