Aug. 5 at 8:12 PM
S&P Global Ratings upgraded Kinross Gold to BBB from BBB-, citing significantly stronger credit metrics driven by higher gold prices, robust free cash flow, and lower debt. The agency also raised the company's senior unsecured debt rating to BBB and assigned a stable outlook. Kinross has reduced funded debt to
$750 million, with no major maturities until 2033, after repaying
$500 million of senior notes, while cash stood at
$2.7 billion as of June 30, 2026. S&P expects the company to expand its net cash position to more than
$4 billion by 2028, supported by annual free operating cash flow exceeding
$1.5 billion.
The ratings agency noted that elevated gold prices have materially strengthened Kinross' financial profile, although it expects gold to gradually decline to around
$3,300 per ounce by 2028. Even under that assumption, S&P believes the company will maintain healthy margins, with cash costs of
$1,350–
$1,450 per ounce and all-in sustaining costs of
$1,650–
$1,750 per ounce.
$KGC