S&P rates Gold Fields bond BBB-

Standard & Poor's said it assigned a BBB- long-term debt rating to a proposed senior unsecured bond to be issued by Gold Fields Orogen Holding (BVI) Ltd.

The bond will be guaranteed by the company's ultimate parent company, Gold Fields Ltd. and other subsidiaries of the parent.

The agency also said it Gold Fields global scale long-term corporate credit rating at BBB- and South Africa national scale rating at zaA.

The outlook is stable.

The agency said it anticipates that the bond will be benchmark size, with up to 10 years tenor. The proceeds will be used to refinance existing debt and general corporate purposes.

The ratings reflect a view of the group's satisfactory business risk and intermediate financial risk profiles, S&P said.

Constraining factors include inherent gold price and exchange-rate volatility, rising cash costs and high capital expenditures, the agency said.

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