Fitch shifts Agnico-Eagle view to positive

Fitch Ratings said it assigned a positive outlook and removed the positive rating watch on Agnico-Eagle Mines Ltd.'s long-term issuer default rating, senior unsecured revolver and senior unsecured note ratings following the announcement that Agnico-Eagle Mines and Kirkland Lake Gold Ltd. have merged.

“The positive outlook reflects the size and scale benefits of the merged company and the prospects for total debt to EBITDA to be sustained generally at or below 1.5x, while maintaining an average cost position in the second quartile or below of the global cost curve and an average operating mine life of at least 10 years,” the agency said in a press release.

Fitch also affirmed Agnico-Eagle’s BBB IDR and the BBB senior unsecured revolver and senior unsecured note ratings.

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