JOHANNESBURG, March 19 /CNW/ - Standard and Poor's Ratings Services
("S&P") today assigned Gold Fields Limited ("Gold Fields") (JSE, NYSE, NASDAQ
Dubai: GFI) with a 'BBB-/ A-3' long-term and short-term global corporate
credit rating and 'zaA/zaA-1' long- term and short-term South Africa national
scale corporate credit rating. The outlook is stable.
The long-term ratings reflect Gold Fields' satisfactory business risk and
intermediate financial risk profiles while the short-term ratings reflect Gold
Fields' adequate liquidity.
The satisfactory business risk profile reflects Gold Fields' market
position as the world's fourth largest gold producer, an industry-leading long
reserve life of over 20 years, healthy profitability underpinned by
persistently strong gold prices. The company's leverage and financial policy
is considered to be moderate.
The stable outlook reflects the expectation that Gold Fields will
continue to report healthy cash flow generation, supported by ongoing strong
gold prices and a weak exchange rate.
Paul Schmidt, Chief Financial Officer of Gold Fields, said:
"The credit rating is an independent endorsement of Gold Fields as an
investment grade company with a stable outlook. The rating further confirms
aspects such as Gold Fields' sound corporate governance and risk management
while aligning it with global best practice and its peers. Although the
intention is to reduce debt over the next 18 months, an official credit rating
will allow flexibility to efficiently structure long-term debt as well as new
debt, should the need arise."
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of
gold with attributable production of 3,64 million ounces per annum from eight
operating mines in South Africa, Ghana and Australia. A ninth mine, Cerro
Corona Gold/Copper mine in Peru, commenced production in August 2008 at an
initial rate of approximately 375,000 gold equivalent ounces per annum. Gold
Fields aims to reach a production rate of approximately 4.0 million ounces per
annum during the March quarter of 2009. The company has total attributable ore
reserves of 83 million ounces and mineral resources of 251 million ounces.
Gold Fields is listed on the JSE Limited (primary listing), New York Stock
Exchange (NYSE), NASDAQ Dubai Limited (NASDAQ Dubai), New Euronext in Brussels
(NYX) and Swiss Exchange (SWX). For more information please visit the Gold
Fields website at http://www.goldfields.co.za.
For further information: Enquiries: Willie Jacobsz, Mobile: (857)
241-7127; Nikki Catrakilis-Wagner, Mobile: +27(0)83-309-6720; Marritt
Claassens, Mobile: +27(0)82-307-3297
