[miningmx.com] – NORTHAM Platinum’s credit rating was upgraded by Global Credit Rating Company owing to balance sheet improvements, increased output, and its recent three-year wage deal at its Zondereinde mine.
Blobal Credit Rating upgraded Northam’s short term credit rating to A1-(ZA) and reaffirmed the company’s long term rating of BBB+(ZA) with the outlook accorded as Stable, the company said in a statement to the JSE.
Northam last year completed a R6.6bn black economic empowerment transaction which incorporated a cash injection of R4.6bn. It also redeemed R1.4bn in three-year domestic medium term notes reducing the group’s debt to negligible levels, it said.
