Moody's Changes Gold Fields Baa3 Credit Rating Outlook to Positive
JOHANNESBURG, Sept. 8, 2011 /CNW/ --
JOHANNESBURG, Sept. 8, 2011 /CNW/ - Moody's Investor Services
('Moody's') today announced a change to Gold Fields Limited ('Gold
Fields') (JSE, NYSE, NASDAQ Dubai: GFI) Baa3 rating outlook to positive
from stable.
Moody's said: 'The change in outlook was mainly prompted by Gold Fields'
continued progress in terms of further diversifying its production and
EBITDA geographically and becoming less dependent on South Africa
combined with our increased expectation that the company would also be
able to maintain its conservative leverage of Net Debt to EBITDA below
1 time and positive free cash flow generation, even in a much lower
gold price environment.'
Since March 2009, Standard & Poor's Ratings Services ('S&P') has
maintained an investment grade rating on Gold Fields of BBB- with a
stable outlook.
Paul Schmidt, Chief Financial Officer of Gold Fields said: 'We are
pleased with the change in the rating outlook to positive by Moody's.
The change acknowledges Gold Fields increasing international
diversification, solid operating margins, low financial gearing and
conservative financial policy as well as our robust cash flow
generation. We remain committed to maintaining our investment grade
rating.'
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold
with attributable annualised production of 3.6 million gold equivalent
ounces from eight operating mines in Australia, Ghana, Peru and South
Africa. Gold Fields also has an extensive and diverse global growth
pipeline with four major projects in resource development and
feasibility, with construction decisions expected in the next 18 to 24
months. Gold Fields has total attributable gold equivalent Mineral
Reserves of 76.7 million ounces and Mineral Resources of 225.4 million
ounces. Gold Fields is listed on the JSE Limited (primary listing), the
New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in
Brussels (NYX) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities Limited
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/September2011/08/c9539.html
Gold Fields Limited
Reg. 1968/004880/06
150 Helen Road,
Sandown, Sandton, 2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel 27-11-562-9700
Fax 27-11-562-9838
Enquiries
Investor Enquiries
Zakira Amra
Tel 27-11-562-9775
Mobile 27(0)79-694-0267
Email Zakira.Amra@goldfields.co.za
Nikki Catrakilis-Wagner
Tel 27-11-562-9706
Mobile 27(0)83-309-6720
Email Nikki.Catrakilis-Wagner@goldfields.co.za
Willie Jacobsz
Tel 1-508-839-1188
Mobile 1-857-241-7127
Email Willie.Jacobsz@gfexpl.com
Media Enquiries
Sven Lunsche
Tel 27-11-562-9763
Mobile 27(0)83-260-9279
Email Sven.Lunsche@goldfields.co.za