Moody’s Ratings has upgraded Newmont Corporation’s issuer credit rating to A3 from Baa1, with a stable outlook. The upgrade reflects Newmont’s strengthened balance sheet, improved credit profile, robust liquidity position, and disciplined financial management practices. Newmont is a gold producer, exploring for and producing gold, copper, silver, zinc and lead. The company also produces oil and gas.
According to Moody’s, the ratings upgrade is underpinned by Newmont’s strategic approach to managing its financial resources and maintaining a strong market position. Newmont’s CEO, Tom Palmer, stated that the upgraded rating demonstrates the company’s “disciplined, balanced approach to capital allocation.” He highlighted the company’s focus on significant debt reduction, its commitment to a stable dividend framework, and its overall strategy aimed at creating long-term value for shareholders.
Newmont currently holds a substantial cash reserve of $US6.2 billion, with total liquidity standing at $US10.2 billion. This robust financial position provides the company with considerable flexibility to pursue strategic initiatives and weather potential market fluctuations. The company’s financial metrics and management strategies were key factors in Moody’s decision to upgrade the credit rating.
