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Fitch: Goldcorp notes BBB
Fitch Ratings said it assigned a BBB rating to Goldcorp Inc.'s $1.5 billion new senior unsecured notes, consisting of $500 million 2.125% senior notes due March 15, 2018 and $1 billion 3.7% senior notes due March 15, 2023.
The company has an issuer default rating of BBB, along with BBB ratings on its $2 billion senior unsecured revolving credit facility and $862.5 million senior unsecured convertible notes due Aug. 1, 2014.
The proceeds will be used to repay the $862.5 million of convertible notes maturing Aug. 1, 2014 and to support capital expenditures, capital investments and working capital.
The outlook is stable.
The ratings reflect the company's sizable long-lived reserves in areas of relatively low geopolitical risk, favorable cost position and strong project pipeline, Fitch said, as well as plans for substantial development spending over the medium term.
Goldcorp is committed to maintaining a conservative investment-grade capital structure given its exposure to gold prices, the agency said.
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