S&P cuts Barrick Gold long-term corporate credit rating

Fri Apr 26, 2013 5:33pm EDT
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April 26 (Reuters) - Standard & Poor's Ratings Services said on Friday it cut Barrick Gold Corp's long-term corporate credit rating to BBB from BBB-plus.

"The downgrade follows several recent company announcements including Barrick's intention to issue long-term debt securities in the near future and a Chilean court preliminary injunction that has stopped major construction activities on the Chilean side of its Pascua-Lama project," the rating agency said in a statement.

S&P also said it believes "that sufficient debt reduction to improve our credit ratio expectations on the company at the BBB-plus rating has become increasingly remote."