Harmony remains on negative watch; bond rating withdrawn - Fitch |
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Published
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Sun, 14 Oct 2007 20:53
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MUMBAI (Thomson Financial) - Fitch Ratings said it is keeping Harmony Gold Mining Company Ltd's 'BB+' long-term issuer default rating, 'B' short-term IDR, 'BBB(zaf)' national long-term rating and 'F3(zaf)' national short-term rating on negative watch.Fitch has withdrawn Harmony's expected bond issue rating of 'BB+' after confirmation that this issue will not proceed.The rating agency had placed Harmony's ratings on negative watch on Aug 6, after the company's trading update announced a loss of between 500-640 mln rand for the fourth quarter of 2007 due to lower gold volumes and higher cash operating costs, and the resignation of its long-serving chief executive officer, which followed soon after the resignation of its finance director.Fitch said it expects to resolve its creditwatch status shortly after Harmony's first quarter results and a review of the new management team's updated business plan.Any downgrade in the company's ratings is likely to be limited to one notch, the ratings firm said.TFN.newsdesk@thomson.comans/ypv/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Fitch issues 'A+' rating on Target notes 