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S&P shifts New Gold view to stable
S&P said it revised its outlook for New Gold Inc. to stable from negative.
“The outlook revision primarily reflects an improvement in our estimated cash flow and leverage metrics for the company. We estimate New Gold will generate earnings and cash flows well above our previous expectations, led by higher gold prices through much of this year. The company has also announced that it will redeem $200 million of its 2025 unsecured notes (about 30% of the reported debt) before the end of 2020,” S&P said in a press release.
The agency said it forecasts New Gold’s adjusted debt-to-EBITDA ratio improving to 2.5x in 2020 from 4.2x in 2019.
S&P also affirmed its B ratings on the company.
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