Fitch affirms AngloGold Ashanti

Fitch Ratings said it affirmed AngloGold Ashanti Ltd.'s national long-term rating at AA-(zaf) and national short-term at F1+(zaf).

The outlook is stable.

The affirmation reflects the company's good earnings performance in 2006 on the back of a rising gold price and a stronger balance sheet following the group's $500 million equity issue in April 2006, Fitch said. Its debt metrics have strengthened as a result of the improved earnings and inflows from the equity issue, the agency added.

Capital expenditures are likely to remain high in the medium term, Fitch said, after which both spending and total debt should decline, barring any new growth opportunities that AngloGold might take advantage of.

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