Moody’s upgrades Gold Fields

Moody's Investors Service said it upgraded Gold Fields Ltd.’s rating to Baa3 from Ba1.

At the same time, the rating on the $1 billion senior notes due October 2020, issued by Gold Fields Orogen Holding (BVI) Ltd. and guaranteed by Gold Fields, was upgraded to Baa3 from Ba1.

Moody's also withdrew Gold Fields' Ba1 corporate family rating and Ba1-PD probability of default rating.

The outlook was changed to stable from positive.

"The upgrade reflects Gold Fields' commitment to maintain credit metrics and financial policy appropriate for an investment grade Baa3 rating as it continues growing in Australia, its largest region by production," Douglas Rowlings, Moody's vice president, said in a news release.

"Gold Fields has continued to strengthen its credit metrics and de-risk its long-term production profile thereby reducing its reliance on South Deep reserves in South Africa for future cash flow generation.”

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