Fitch rates Polyus Gold BBB-

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB- to Polyus Gold International Ltd., along with a foreign-currency short-term issuer default rating of F3 and a foreign-currency senior unsecured rating of BBB-.

The outlook is stable.

The company's average mine life of greater than 50 years is materially above gold-industry levels and the company has a high quality nature of deposits that is higher than competitors, Fitch said.

Polyus Gold has a strong operating cost position, sitting on average in the second quarter of the global cost curve, the agency said. This reflects the open-pit nature of the company's mines, Fitch said.

The gold industry globally is currently facing ongoing cost pressures due to a combination of decreasing grades, appreciation of gold-mining country currencies against the dollar and labor- and energy-cost inflation, the agency added.

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