Fitch: Kinross Gold notes BBB-

Fitch Ratings said it assigned a BBB- rating to Kinross Gold Corp.'s proposed $350 million 10-year senior unsecured notes.

Kinross Gold has an issuer default rating of BBB-, along with BBB- ratings on its revolving credit facility, senior unsecured term loan due 2017, $250 million senior unsecured notes due 2016, $500 million senior unsecured notes due 2021 and $250 million senior unsecured notes due 2041.

The proceeds of the notes are to be used to repay a portion of the $1 billion term loan due 2017, Fitch said.

The outlook is stable.

The ratings reflect the company's sizable reserves, average cost position, average geopolitical risk position and the potential for substantial development spending over the medium term, the agency said.

The ratings also consider the company's commitment to maintain a conservative capital structure given its exposure to gold prices, Fitch said.

In weak gold markets, the company has the ability to defer development and exploration and focus on cash preservation, the agency said.

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