Moody’s rates Polyus Ba1, view stable

Moody's Investors Service said it changed the outlook on the Ba1 corporate family rating and Ba1-PD probability of default rating of Polyus Gold International Ltd. to stable from negative.

Polyus Gold International holds a majority stake in PJSC Polyus.

At the same time, the agency changed the outlook on the Ba1 (LGD 3) ratings of the $500 million senior unsecured notes due 2022 and the $800 million senior unsecured notes due 2023 issued by Polyus Finance plc to stable from negative. Concurrently, Moody's affirmed these ratings.

Moody's also assigned a Ba1 corporate family rating and a Ba1-PD probability of default rating to Polyus. The outlook is stable.

The agency will subsequently withdraw the Ba1 corporate family rating, Ba1-PD probability of default rating and stable outlook of Polyus Gold International.

Moody’s said the assignment of ratings to Polyus and the pending withdrawal of the ratings of Polyus Gold International follow the company's corporate reorganization, under which Polyus replaced Polyus Gold International as the ultimate holding company for the group. Polyus consolidates all the group's assets and will be the reporting entity for the consolidated group going forward.

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