Moody’s Upgrades Barrick to Baa2 with Stable Outlook
BARRICK GOLD CORPORATION
PRESS RELEASE — March 2, 2018
All amounts expressed in U.S. dollars
Moody’s Upgrades Barrick to Baa2 with Stable Outlook
TORONTO — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ( Barrick or the “Company”) today
reported that Moody’s Investors Service (“Moody's” ) has upgraded the senior unsecured ratings of
Barrick and all rated subsidiaries to Baa2 from Baa3, with a stable outlook.
In a news release announcing the upgrade, Moody’s cited Barrick’s low adjusted leverage, large scale,
diverse and low -cost gold assets, free cash flow generation and favorable geopolitical risk profile,
noting “Barrick's liquidity is excellent, which provides significant flexibility to maneuver through gold
price volatility.”
“We are pleased that Moody’s has recognized our efforts to significantly reduce the Company’s total
debt, while substantially improving liquidity and free cash flow generation,” said Barrick President
Kelvin Dushnisky. “ Over the pas t three years, we have reduced our total debt by more than 50
percent, from $13.1 billion at the end of 2014, to $6.4 billion today.”
The Company’s goal remains to reduce total debt to around $5 billion by the end of 2018, primarily
by using cash flow fro m operations and cash on hand, and potentially through further portfolio
optimization. Barrick will continue to pursue debt reduction with discipline, taking only those actions
that make sense for the business, on terms favorable to the Company’s shareholders.
At the end of the fourth quarter, Barrick had a consolidated cash balance of approximately $2.2
billion. The Company has less than $100 million in debt due before 2020.1 More than three-quarters
of Barrick’s outstanding total debt of $6.4 billion does not mature until after 2032.
INVESTOR CONTACT MEDIA CONTACT
Deni Nicoski
Senior Vice President
Investor Relations
Telephone: +1 416 307-7474
Email: [email protected]
Andy Lloyd
Senior Vice President
Communications
Telephone: +1 416 307-7414
Email: [email protected]
BARRICK GOLD CORPORATION PRESS RELEASE
ENDNOTE
1. Amount excludes capital leases and includes Acacia (100% basis).
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any
information as to our strategy, projects, plans or future financial or operating performance ,
constitutes “forward-looking statements”. All statements, other than statements of historical fact,
are forward -looking statements. The words “goal”, “potential”, “will”, and similar expressions
identify forward -looking statements. In particular, this pre ss release contains forward -looking
statements including, without limitation, with respect to targeted debt reductions and the means of
achieving such reductions. Forward -looking statements are necessarily based upon a number of
assumptions, including material assumptions considered reasonable by Barrick as at the date of this
press release in light of management’s experience and perception of current conditions and expected
developments, and are inherently subject to significant business, economic, and com petitive
uncertainties and contingencies.
Many of these uncertainties and contingencies can affect our actual results and could cause actual
results to differ materially from those expressed or implied in any forward -looking statements made
by, or on behalf of, us. Readers are cautioned not to put undue reliance on forward -looking
statements which are not guarantees of future events, and speak only as of the date made. All of
the forward -looking statements made in this press release are qualified by these cautionary
statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file
with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion
of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s
ability to achieve the expectations set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to update or rev ise any forward -looking statements
whether as a result of new information, future events or otherwise, except as required by applicable
law.