Moody’s downgrades PJSC Polyus rating

Press Release 11 March 2022

Moody's downgrades PJSC Polyus rating 

PJSC Polyus (LSE, MOEX: PLZL) ("Polyus", or the "Company") notes that Moody's Investors Service ("Moody's") has downgraded the Company's LT Issuer Ratings (local and foreign currency) to 'Caa2' from 'Baa3' with negative outlook on 10 March 2022. 

Moody's highlighted that recent rating actions on the Russian corporates follow the sovereign rating action on the Government of Russia, which took place on 6 March 2022, when Moody's downgraded the Government of Russia's long-term issuer rating and senior unsecured ratings (local and foreign currency) to 'Ca' from 'B3'. Overall, Moody's has downgraded the ratings of 95 Russian non-financial corporates.

Polyus

Polyus is the world's fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore Reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).

Investor and Media contact

Victor Drozdov, Director Communications & Investor Relations Department

+7 (495) 641 33 77

[email protected] 

Forward-looking statements

This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus' and/or Polyus group's operations. Many of these risks and uncertainties relate to factors that are beyond Polyus' and/or Polyus group's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.