S&P Global Ratings: Goldcorp Inc. Downgraded To 'BBB' From 'BBB+' On Acquisition By Newmont Mining Corp.; Outlook Positive

April 16, 2019 | By: Jarrett Bilous and Donald Marleau

Rating Action Overview

Denver, Colo.-based gold producer Newmont Mining Corp. received shareholder approval for its acquisition of Goldcorp Inc., and will form as Newmont Goldcorp on close of the transaction.
As a result, on April 15, 2019, S&P Global Ratings lowered its ratings on Goldcorp Inc. to 'BBB' from 'BBB+' to equalize the ratings and outlook with those on Newmont, and removed the ratings from CreditWatch, where they were placed with negative implications Oct. 30, 2018.
If Goldcorp's unsecured notes are exchanged for new Newmont's unsecured notes, we expect to rate these 'BBB', the same as our rating on Newmont's unsecured debt.
The positive outlook primarily reflects our expectation for Newmont to reduce acquisition-related leverage and generate positive free cash flow, enabling the company to maintain adjusted debt-to-EBITDA below 1.5x over the next two years.

Gain strategic insights into S&P Global Ratings outlook on Newmont Goldcorp.
Download report >

Download report

First Name:

Last Name:

Email Address:

Company Name:

Country/Region:

State or Province:

Ad Campaign:

Ad Content:

Ad Source:

Ad Term(s):

Ad Type/Medium:

Praesent porttitor malesuada ornare. Etiam pellentesque vitae risus in elementum. Vivamus ex sem, maximus in ligula vitae, dictum luctus felis. Etiam et rutrum mauris, congue hendrerit nisi. Aenean lorem sem, consequat sit amet diam ut, pellentesque aliquet ante. Ut egestas massa mi, nec condimentum ipsum suscipit non. Interdum et malesuada fames ac ante ipsum primis in faucibus.

Copyright © 2019 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved. No content may be reproduced or distributed without the prior written permission of S&P Global Market Intelligence or its affiliates. The content is provided on an “as is” basis.

S&P Global Ratings: Goldcorp Inc. Downgraded To 'BBB' From 'BBB+' On Acquisition By Newmont Mining Corp.; Outlook Positive

Form Header