Fitch rates Agnico Eagle Mines BBB

Fitch Ratings said it assigned Agnico Eagle Mines Ltd. a first-time long-term issuer default rating of BBB with a stable outlook. Fitch also assigned a rating of BBB to the company's senior unsecured debt.

“The ratings reflect the company's diverse operations, operations in favorable mining jurisdictions, solid cost position, reduced reliance on near-term development, and conservative financial profile,” Fitch said in a press release.

“The stable outlook reflects Fitch's expectations that Agnico Eagle will achieve and maintain gold production of roughly 2 million ounces, an average cost position in the second quartile of the global cost curve or below and an average operating mine life of at least 10 years while total debt-to-EBITDA is sustained generally at or below 2x,” the agency said.

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