Fin24

AngloGold retains investment rating

2012-12-10 16:38

Johannesburg - AngloGold Ashanti [JSE:ANG] has announced that its investment grade rating on publicly traded debt has been affirmed by Standard & Poor’s. The rating was completed following a comprehensive review.

"We've taken strong, decisive action to maintain our investment grade rating and preserve our financial stability and flexibility," said Mark Cutifani, AngloGold’s Chief Executive Officer (CEO).

“At the same time our strategy to improve the quality and diversity of our portfolio remains firmly on track," said Cutifani.

The confirmation of the BBB- (with negative outlook) comes two months after South Africa’s sovereign debt rating and several of the country’s corporates was downgraded by the agency.

The decision is seen to acknowledge AngloGold Ashanti’s large production base and its new projects that are currently in final stages of development.

"Maintaining a strong and stable financial foundation has always been key to ensuring we have cost-effective access to capital over the long-term," said Srinivasan Venkatakrishnan, AngloGold Ashanti's Chief Financial Officer (CFO).

Venkatakrishnan led the group through the rating review.

"Despite the raft of macro headwinds we've faced during the recent months, we've shown that we have the strategy, portfolio and the team to make good on our commitments," said Venkatakrishnan.