Fitch: Harmony outlook negative

Fitch Ratings said it affirmed Harmony Gold Mining Co. Ltd.'s issuer default ratings at long-term BB+ and short-term B and its South African national ratings at long-term BBB(zaf) and short-term F3(zaf).

The ratings have been removed from Rating Watch and assigned a negative outlook.

The ratings were put on watch Aug. 6 following announced losses for the June quarter and the resignation of Harmony's then chief executive officer.

Fitch said the affirmation reflects expected ongoing improvements in earnings, operating and free cash flow generation, production volume and working cost per kilogram over the coming years.

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