Fitch affirms AngloGold Ashanti

Fitch Ratings said it affirmed South Africa-based AngloGold Ashanti Ltd.'s AA-(zaf) national long-term rating and F1+(zaf) national short-term rating.

The outlook remains stable.

Fitch said the affirmation follows the company's successful equity offering in May and an improved operating environment, particularly during the six months ended June 30. The offering raised $495 million after expenses, the proceeds of which are being used to help fund the group's current mine development program and to repay debt, which was $1.034 billion at June 30, compared with $1.685 billion at the end of 2005.

The stable outlook reflects the agency's expectations of a continuing buoyant gold price and improved operating performances by AngloGold Ashanti in 2008 and beyond. Fitch said it is difficult to predict the direction of gold prices, but current strength seems underpinned by political tensions in the Middle East and by high oil prices.

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