Fitch turns Golden Energy view to positive

Fitch Ratings said it revised the outlook on Golden Energy and Resources Ltd. (GEAR) to positive from stable and affirmed the long-term foreign-currency issuer default rating at B+. The agency also affirmed the rating on GEAR's $375 million of notes due 2026 at B+, with an RR4 recovery rating.

“The outlook revision reflects our expectation that credit profile of GEAR's key subsidiary, Indonesia-based PT Golden Energy Mines Tbk. (GEMS, B+/positive), is likely to improve over the next 12 months with production scale reaching a level commensurate with that for BB- rated peers in Indonesia,” Fitch said in a press release.

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