Moody’s rates Polyus notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed backed senior dollar notes to be issued by Polyus Finance plc, a wholly owned subsidiary of PJSC Polyus (Baa3 stable).

The outlook on Polyus Finance is stable.

The company intends to use the net proceeds from the proposed notes to repay outstanding borrowings under its existing backed senior notes due in 2022, 2023 and 2024.

“The Baa3 rating of the proposed backed senior unsecured notes is at the same level as Polyus's long term issuer rating, which reflects Moody's view that the backed notes will be general unsecured and unsubordinated obligations of Polyus, ranking pari passu with all of its other unsecured and unsubordinated indebtedness,” the agency said in a news release.

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