S&P revises Polyus view to positive

S&P said it revised the outlook for PJSC Polyus to positive from stable and affirmed its BB rating.

“We estimate that Polyus' FFO to debt reached 57%-62% in 2019, supported by higher gold prices and could remain above 50% in 2020-2021. Gold prices rose to above $1,400 per troy ounce (/oz) in the second half of 2019 amid uncertainties over global economic prospects and trade tensions between China and the U.S. The price is currently about $1,550/oz. We believe that under our updated gold price assumptions of $1,400/oz for 2020-2021, Polyus can maintain FFO to debt higher than 50% and debt to EBITDA below 1.5x, absent large investments, dividends, or acquisitions,” said S&P in a press release.

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