S&P Global Ratings on Jan. 19 revised its outlook on Russian gold miner Polyus Gold International Ltd. and its subsidiary PJSC Polyus to positive from stable, while the affirming long-term corporate credit rating on both companies at BB-.

The rating agency also affirmed the issue rating on Polyus Gold International's senior unsecured debt at BB-.

The outlook revision reflects the expectation that Polyus Gold will maintain a conservative financial policy as it moves forward with a new dividend policy and a planned secondary public offering.

The Russian miner is also expected to post continued supportive operating and financial results for 2016 and 2017.

Additionally, S&P noted that it might raise the rating on Polyus if it demonstrates a track record of more credit-friendly financial policies in 2017 and onward, enabling it to maintain moderate leverage.

The rating could also be revised down to stable if the company exercises more aggressive policies than currently expected, or if the rating agency sees a risk of weakening metrics with funds from the operations ratio to debt slipping below 30%.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.