International ratings agency Fitch has improved the Petropavlovsk Plc long-term rating to B- from CCC, with positive outlook.
The improvement reflects the considerable strengthening of the company liquidity due to the refinancing of convertible bonds, paying of $57 million worth of loans by IRC Limited, etc.
At the same time Fitch noted that financial and operational results of Petropavlovsk in 2018 were weak.
Petropavlovsk Plc is in the top-5 gold producers in Russia.
Its main assets are situated in Amur region, where 4 plants operate – Pokrovsky Mine, Pioner, Malomyr and Albyn.
In 2018 the company decreased gold output by 4% YoY, to 422.3 thousand ounces.
The forecast for the current year is 450-500 thousand ounces. (Ukrainian metal)