Fitch: Polyus Gold on watch

Fitch Ratings said it placed Polyus Gold International Ltd.’s long-term issuer default rating of BBB- on Rating Watch negative, along with its short-term issuer default rating of F3 and long-term senior unsecured rating of BBB-.

The agency also placed on Rating Watch negative OJSC Polyus Gold’s long-term issuer default rating of BBB- and local-currency senior unsecured rating of BBB-.

On Sept. 30, Sacturino Ltd. announced the terms of a cash offer for the share capital of Polyus Gold.

Sacturino is a subsidiary company of Wandle Holdings Ltd., which controls 40.22% share capital of Polyus Gold International, Fitch said.

The negative watch reflects the risks regarding potential deterioration in the level of the company’s transparency, disclosure and corporate governance given the intent to make Polyus Gold a private company, the agency said.

There are also risks around Polyus Gold’s future financial policy following the change in shareholder structure, Fitch said.

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