S&P: Gold Fields view stable

Standard & Poor’s said it revised its outlook on the long-term global scale rating on Gold Fields Ltd. to stable from negative.

At the same time, the BB+ long-term and B short-term corporate credit ratings and the zaA long-term and zaA-2 short-term national scale ratings were affirmed.

In addition, S&P affirmed its issue ratings on Gold Fields’ senior unsecured debt at BB+. The recovery rating on this debt is unchanged at 3, indicating an expectation of meaningful recovery prospects for noteholders in the event of a payment default, in the higher half of the 50%-70% range.

S&P said the outlook revision and ratings affirmation reflect stronger earnings and cash flows and strongly improved credit metrics for Gold Fields, thanks to debt reduction at Gold Fields in 2015 and a strengthening in the local currency gold price.

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