Moody's raises Nord Gold

Moody's Investors Service said it upgraded Nord Gold plc's corporate family rating to Ba1 from Ba2 and probability of default rating to Ba1-PD from Ba2-PD. Concurrently, Moody's upgraded the $400 million of backed senior unsecured notes issued by Celtic Resources Holdings DAC to Ba1 from Ba2.

“The upgrade of Nord Gold reflects the company's track record of deleveraging, operational and geographical diversification, with nine active mines, good reserve base, which is dominated by open-pit mines, competitive operating costs, resulting in a Moody's-adjusted EBITDA margin of above 40% on a sustained basis and history of organic growth and good corporate governance,” the agency said in a press release.

The outlooks for Nord Gold and Celtic Resources remain stable.

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