Fitch alters Polyus to positive

Fitch Ratings said it revised the outlook on PJSC Polyus' long-term issuer default rating to positive from stable and affirmed the IDR at BB.

“The positive outlook reflects sizeable gross debt reduction during 2020 as a result of strong operating performance and current gold prices and forecast solid credit metrics over 2020-2023 despite investments, enabling Polyus to maintain production averaging at 2.9 million ounces (oz) over 2021-2024. We forecast Polyus's funds from operations (FFO) gross leverage to stay below our positive rating sensitivity of 2.5x, albeit with a gradual increase towards 2.5x by 2024,” Fitch said in a press release.

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