S&P Upgrades Homestake, Newmont

Bnamericas Published: Wednesday, April 28, 1999
New York-based credit rater Standard & Poor's (S&P) yesterday affirmed its double-'B' corporate credit rating on San Francisco-based Homestake Mining (NYSE: HM) and its triple-'B' corporate credit rating on Denver-based Newmont Mining (NYSE: NEM). S&P revised its outlook on both companies from negative to stable to reflect "recent events and improving industry fundamentals." These include declining concerns over future significant gold sales from central bank reserves, reduced fears of Russian gold sales, the apparent reflection in current gold prices of possible IMF gold sales to fund debt relief to poorer nations, and improving Asian economic conditions. Homestake should benefit from increased future production as it brings its recent acquisitions on line, while Newmont would continue to maintain a favorable cost position, S & P said. S&P added it expects gold prices to average between US$270/oz and US$305/oz in 1999.

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