| Thu 19 Mar 2009, 12:28 | | GFI - Gold Fields - Standard And Poor`s Assigns Gold Fields An Investment Grade |
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GFI
GOGOF
GFI - Gold Fields - Standard And Poor`s Assigns Gold Fields An Investment Grade
Credit Rating
Gold Fields Limited
(Registration Number 1968/004880/06)
("Gold Fields " or "the Company")
JSE, NYSE, NASDAQ Dubai Share Code: GFI
NYX Code: GFLB, and SWX Code: GOLI
ISIN: ZAE000018123
MEDIA RELEASE
STANDARD AND POOR`S ASSIGNS GOLD FIELDS AN INVESTMENT GRADE CREDIT RATING
Johannesburg, 19 March 2009. 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.
Gold Fields Limited
Reg. 1968/004880/06
150 Helen Road
Sandown, Sandton
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel: +27 11 562 9700
Fax: +27 11 562 9801
www.goldfields.co.za
Enquiries:
Media and Investor Enquiries
Willie Jacobsz
Tel: +508 358 0188
Mobile: +857 241 7127
Email: willie.jacobsz@gfexpl.com
Investor Enquiries
Nikki Catrakilis-Wagner
Tel: +27 11 562 9706
Mobile: +27 (0) 83 309 6720
Email: nikki.catrakils-wagner@goldfields.co.za
Media Enquiries
Marritt Claassens
Tel: +27 11 562 9774
Mobile: +27 (0) 82 307 3297
Email: marrittc@goldfields.co.za
Sponsor:
J.P. Morgan Equities Limited
19 March 2009
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
www.goldfields.co.za.
Date: 19/03/2009 12:28:27 Produced by the JSE SENS Department.
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