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DBRS places Barrick Gold on developing review
DBRS said it placed the BBB (low) issuer rating of Barrick Gold Corp., formerly with a positive trend, under review with developing implications.
The rating action follows Barrick’s Sept. 24 announcement of a share-for-share merger with Randgold Resources Ltd. in an all-equity transaction valued at approximately $5.4 billion. Randgold is an Africa-focused gold producer with operating mines in Mali, Senegal, Ivory Coast and the Democratic Republic of Congo that produced approximately 1.3 million ounces of gold in 2017.
DBRS noted that the proposed all-equity transaction should be credit positive for Barrick’s debt-to-capital metric; however, Randgold’s operations are in Africa, increasing Barrick’s political risk.
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