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S&P upgrades outlook on Petropavlovsk to positive from negative

S&P Global Ratings revised its outlook on Petropavlovsk PLC to positive from negative, citing a strengthening operating performance, improved liquidity, stronger governance and the potential to significantly reduce leverage from 2020.

The rating agency said Oct. 9 that the positive outlook reflects the potential for a ratings upgrade in the next six to 12 months if the company can maintain its performance. Ratings affirmed its current B- issuer credit rating.

The change incorporates the ramp-up of Petropavlovsk's flagship pressure oxidation facility at the Pokrovskiy POX gold mine in Russia as well as an improvement in its first-half results.

Ratings also said the miner's recent refinancing of its convertible bonds has extended its debt maturity profile and improved its liquidity to adequate.

Fitch Ratings upgraded its long-term issuer default rating and senior unsecured rating for Petropavlovsk to B- from CCC in August, with a positive outlook.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.