Fitch rates Harmony bond BB+

Fitch Ratings said it assigned Harmony Gold Mining Co. Ltd.'s proposed issue of $350 million fixed-rate, seven-year bonds an expected BB+ rating, which is in line with the affirmed BB+ long-term issuer default rating. Moody's also affirmed the short-term issuer default rating at B, national long-term rating at BBB(zaf) and short-term rating at F3(zaf).

The outlook is stable.

Proceeds will be used for development and expansion, to repay a bridge loan and for working capital. The bonds will be listed on the Alternative Securities Market of the Irish Stock Exchange.

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