Kinross Gold (TSX:K, NYSE:KGC) received a boost on Tuesday as Moody’s Investor Service upgraded the Toronto-based miner’s credit rating to investment grade, joining Global Ratings and Fitch Ratings the third credit ratings agency to do so.
Kinross’ senior unsecured notes rating was upgraded to Baa3 from Ba1 with a stable outlook.
Moody’s noted that the upgrade was due to Kinross’ cash cost being in line with investment grade peers, steady production and conservative financial policies.
The company’s total liquidity as of December 31, 2019 was more than $2 billion, including cash and cash equivalents of $575 million and available credit of approximately $1.5 billion.
Kinross currently has mines and projects in the US, Brazil, Russia, Mauritania, Chile and Ghana.