DBRS ups Agnico to positive

DBRS said it confirmed the issuer rating of Agnico-Eagle Mines Ltd. at BBB (low) and changed the trend to positive from stable.

Agnico's rating is underpinned by the LaRonde mine, which is a low-cost, internationally competitive gold producer, DBRS said.

The company has lessened its reliance on this single-mine operation by building five new mines since 2008, the agency added.

Agnico's strong credit metrics provide necessary financial flexibility as it continues to grow in the face of potentially volatile gold and other metal prices, DBRS said.

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