Fitch raises Polyus to BB+

Fitch Ratings said it upgraded PJSC Polyus' long-term issuer default rating to BB+ from BB.

“The upgrade reflects Polyus's strong business profile and credit metrics with $1.1 billion (almost a quarter) debt repayment since end-2019, favorably positioning the financial profile ahead of the expected post-2021 gold price moderation and potential large investment in the Sukhoi Log project,” Fitch said in a press release.

The agency said it forecasts neutral free cash flow (FCF) in 2021-2024, but warned the potential $3.3 billion Sukhoi Log project may turn it negative from 2022 until its launch in 2027.

The outlook is stable.

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