(Alliance News) - Petropavlovsk PLC on Wednesday noted that S&P Global Ratings nudged its long-term issuer credit and issue ratings higher, amid "supportive gold prices".
The Russian gold producer said the ratings were lifted to B from B- and carry a Stable outlook. The firm noted it was S&P's first ratings upgrade in the metals & mining sector since the Covid-19 pandemic began.
S&P expects Petropavlovsk "will continue to report solid results in 2020-2021 on the back of its operating performance stabilizing and supportive gold prices".
Petropavlovsk Chair Pavel Maslovskiy said: "S&PGR's upgrade to B with a stable outlook is aligned with Petropavlovk's strategy of delivering value to all of our stakeholders. The stronger debt rating is in step with progress being made on the stronger rating of our equity.
"This change in our debt rating is particularly pleasing since it is the first upgrade by S&PGR in Metals & Mining globally since the beginning of the Covid-19 pandemic and comes against the backdrop of 34 downgrades in the sector. Petropavlovsk remains strongly committed to strengthening the sustainability of its business, particularly in the face of the significant challenges of global volatility today and potentially in future years."
Petropavlovsk shares were down 2.3% in London on Wednesday morning at 30.29 pence.
By Eric Cunha; ericcunha@alliancenews.com
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