9 Jun 2017 10:28
For immediate release 9 June 2017
Polyus Finance Plc
Standard & Poor's places PJSC Polyus and PGIL ratings on CreditWatch Positive
Polyus Finance Plc (the "Issuer") notes the announcement made earlier today by PJSC Polyus (MOEX - PLZL) ("Polyus", or the "Company"), the largest gold producer in Russia, that S&P Global Ratings Services ("S&PGR", or the "Agency") has placed its 'BB-' issuer credit ratings on the Company and its controlling shareholder Polyus Gold International Limited ("PGIL") on CreditWatch with positive implications.
The Agency highlighted the Company's strong profitability, positive free operating cash flow generation, falling leverage and the expectation that Polyus will report supportive operating and financial results for 2017 and beyond. Polyus' solid market position internationally, long reserves life and low production costs supported the ratings, S&PGR said.
S&PGR's announcement also stated that Polyus' continuous track record of low cash operating costs ensured "the company will remain at the bottom of the global gold miners' cost curve."
PJSC Polyus
Polyus (www.polyus.com) is the largest gold producer in Russia and one of the top 10 gold miners globally with the lowest cost position. Based on its 2016 Ore Reserves and Mineral Resources, Polyus ranks second by attributable gold reserves and third by attributable gold resources among the world's largest gold mining companies.
Polyus group's principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Sakha Republic (Yakutia).
Forward looking statements
This announcement may contain "forward-looking statements" concerning the Issuer. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of the Issuer's operations. Many of these risks and uncertainties relate to factors that are beyond the Issuer's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. The Issuer does not assume any obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.