Moody's cuts Gold Fields

Moody's Investors Service said it downgraded the global scale issuer rating of Gold Fields Ltd. and the senior unsecured rating of Gold Fields Orogen Holding Ltd. to Ba1 from Baa3.

The outlook on the ratings is negative.

The agency said this rating action was prompted by Gold Fields Ltd.'s announcement that it plans to unbundle its South African mining assets into a newly formed entity, Sibanye Gold Ltd., to be finalized by mid February 2013.

This action concludes the agency's review for downgrade initiated on Nov. 30.

"Gold Fields Ltd.'s planned unbundling of its two South African mining assets will initially lead to an overall weaker credit profile after the transaction is concluded, hence the one-notch downgrade to Ba1," said Gianmarco Migliavacc, vice president - senior analyst and lead analyst for Gold Fields Ltd, in a news release.

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