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S&P Global Ratings upgrades Sibanye-Stillwater’s credit rating

Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to report that S&P Global Ratings has upgraded Sibanye-Stillwater’s issuer credit rating to ‘BB-’ from ‘B+’ with a Stable Outlook.

In a recent report, S&P Global Ratings stated: “materially higher cash flows owing to strong gold and PGM prices have resulted in stronger-than-expected credit metrics and balance sheet”. Further information is available from www.spglobal.com.

Charl Keyter, CFO of Sibanye-Stillwater commented: “the recent S&P rating upgrade is pleasing, and reflects the significant improvement in the Group’s operating and financial position. Despite considerable operational disruptions and other challenges associated with the COVID-19 pandemic earlier this year, the Group delivered solid results for Q3 2020, with the production build up ahead of forecast, underpinning another record financial result. Production from the SA operations is expected to normalise during Q4 2020, underpinning a more robust outlook for the Group, should precious metals prices sustain at current levels”.

Fitch Ratings assigned a first-time issuer credit rating of ‘BB’ with a Stable Outlook to Sibanye-Stillwater in August 2020. The Fitch Ratings report published on 2 November 2020 notes that “the IDR reflects a robust financial profile with forecast funds from operations gross leverage comfortably below 1x in the medium term, and strong demand fundamentals of palladium and rhodium in the next decade”. Further information is available from www.fitchratings.com.

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