Moody’s lifts Eldorado Gold view to stable

Moody's Investors Service said it affirmed Eldorado Gold Corp.'s B1 corporate family rating, B1-PD probability of default rating and B1 senior unsecured ratings.

Eldorado's speculative grade liquidity rating also was raised to SGL-1 from SGL-3.

Moody's also said it revised the outlook to stable from negative.

The stable outlook reflects Eldorado's ability to maintain its leverage at about 2.5x, despite lower production following the sale of its Chinese assets and the expectation of negative free cash flow over the next few years as it develops new projects, the agency said.

The company’s significant cash balance and higher gold prices should allow the company to internally fund its large capital spend program through 2020, Moody’s said.

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