JOHANNESBURG, September 8, 2011 /PRNewswire/ --
Moody's Investor Services ("Moody's") today announced a change to Gold Fields Limited ("Gold Fields") (JSE, NYSE, NASDAQ Dubai: GFI) Baa3 rating outlook to positive from stable.
Moody's said: "The change in outlook was mainly prompted by Gold Fields' continued progress in terms of further diversifying its production and EBITDA geographically and becoming less dependent on South Africa combined with our increased expectation that the company would also be able to maintain its conservative leverage of Net Debt to EBITDA below 1 time and positive free cash flow generation, even in a much lower gold price environment."
Since March 2009, Standard & Poor's Ratings Services ("S&P") has maintained an investment grade rating on Gold Fields of BBB- with a stable outlook.
Paul Schmidt, Chief Financial Officer of Gold Fields said: "We are pleased with the change in the rating outlook to positive by Moody's. The change acknowledges Gold Fields increasing international diversification, solid operating margins, low financial gearing and conservative financial policy as well as our robust cash flow generation. We remain committed to maintaining our investment grade rating."
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold with attributable annualised production of 3.6 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects in resource development and feasibility, with construction decisions expected in the next 18 to 24 months. Gold Fields has total attributable gold equivalent Mineral Reserves of 76.7 million ounces and Mineral Resources of 225.4 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities Limited
Gold Fields Limited
150 Helen Road,
Postnet Suite 252
Private Bag X30500
SOURCE Gold Fields Limited, South Africa