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Moody's lifts China National Gold view to stable
Moody's Investors Service said it affirmed China National Gold Group Corp.'s Baa3 issuer rating.
The agency also said it changed the outlook to stable from negative.
The outlook change reflects the company's stable operating profile and ongoing de-leveraging with adjusted debt-to-EBITDA ratio expected to fall to 7.5x to 8x in 2018, Moody's said.
The company's debt-to-EBITDA ratio improved to 9x in the 12 months to June 2017 from 11.5x in 2015 on the back of solid EBITDA expansion, the agency said.
The earnings improvement reflects China National's stable mining operations and solid earnings recovery, supported by strengthened metal prices in 2016 and so far in 2017, Moody's said.
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