Kinross upgraded to Baa2 Rating by Moody’s
Rhea-AI Summary
Kinross (TSX:K; NYSE:KGC) said Moody's upgraded its senior unsecured rating to Baa2 from Baa3 on Dec 4, 2025, while changing the outlook to stable from positive.
The company completed an early redemption of its $500 million 4.50% Senior Notes due July 15, 2027, bringing 2025 debt repayments to $700 million and total debt repaid in fiscal 2024–2025 to $1.5 billion. After the redemption Kinross has $750 million principal of Senior Notes outstanding, with the next maturity on July 15, 2033 for $500 million. Management reported a net cash position of approximately $500 million as of Sept 30, 2025.
Positive
- Rating upgrade to Baa2 by Moody's
- Early redemption of $500M 2027 Senior Notes
- $700M debt repaid in 2025
- $1.5B debt repaid over 2024–2025
- Reported net cash ~$500M as of Sept 30, 2025
Negative
- Moody's outlook moved to stable from positive
- $750M aggregate principal Senior Notes remain outstanding
- Next large maturity: $500M due July 15, 2033
Key Figures
Market Reality Check
Peers on Argus
While KGC is down 1.31%, key gold peers (AU, FNV, PAAS, WPM, AGI) show positive moves between 0.52% and 1.97%, suggesting today’s weakness is company-specific rather than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Debt redemption | Positive | -4.0% | Announcement of redeeming <b>$500M</b> 4.50% Senior Notes due 2027. |
| Nov 04 | Dividend increase | Positive | -4.0% | Declared <b>17%</b> annual dividend increase to <b>$0.14</b> per share. |
| Nov 04 | Q3 earnings | Positive | -4.0% | Strong Q3 with <b>$1.802B</b> revenue and record free cash flow. |
| Oct 02 | Earnings notice | Neutral | +0.3% | Notice of upcoming Q3 2025 results release and conference call. |
| Sep 23 | Asset sale | Neutral | +1.0% | Sale of Asante Gold equity position for <b>C$73.1M</b> in proceeds. |
Recent positive corporate actions, including debt reduction, dividend hikes and strong Q3 results, have often been followed by negative short-term price reactions, indicating a pattern of divergence between fundamentals-focused news and next-day trading.
Over the past few months, Kinross has focused on balance sheet strength and shareholder returns. On Nov 4, 2025, it reported strong Q3 results with record free cash flow, reaffirmed 2025 guidance, increased its share buyback target, and announced early redemption of $500M senior notes, yet the stock fell 3.97%. The same day it raised its annual dividend by 17%, with a similar negative reaction. In September, it sold its Asante Gold stake for C$73.1M, which saw a modestly positive move.
Regulatory & Risk Context
Short interest at 1.16% of float with 1 day to cover indicates limited short positioning, reducing the likelihood of short-driven volatility around this credit-rating and deleveraging news.
Market Pulse Summary
This announcement highlights a credit upgrade by Moody’s to Baa2 with a stable outlook, supported by low financial leverage, conservative financial policies and sizeable debt reduction. Kinross repaid about $700 million of debt in 2025 and $1.5 billion over 2024–2025, leaving $750 million in Senior Notes outstanding and a net cash position near $500 million. Recent history shows multiple balance-sheet and capital-return actions, so investors may watch future leverage, cash levels and rating-agency views for confirmation of this trajectory.
Key Terms
senior notes financial
aggregate principal amount financial
AI-generated analysis. Not financial advice.
Early redemption of
(All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
TORONTO, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K; NYSE: KGC) (“Kinross”) announced today that Moody’s Investors Service (“Moody’s”) has upgraded the senior unsecured rating of Kinross to Baa2 from Baa3. The outlook has been changed to stable from positive.
In its announcement, Moody’s noted Kinross’ scale and production profile, low financial leverage and conservative financial policies as key factors driving the upgrade.
Further, on December 4, 2025, the Company repaid the entirety of its outstanding
Including the early redemption of the 2027 Notes, Kinross has repaid approximately
After the Notes redemption, Kinross has
“Kinross’ excellent financial position is driven by its consistent operating track record and disciplined cost management strategy,” said Andrea Freeborough, Chief Financial Officer. “The Moody’s upgrade underscores the strength of our investment-grade balance sheet, which stands at a net cash1 position of approximately
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Samantha Sheffield
Director, Corporate Communications
phone: 416-365-3034
Samantha.Sheffield@Kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations & Communications
phone: 416-365-2854
InvestorRelations@Kinross.com
________________
1 Net cash is calculated as cash and cash equivalents of
Source: Kinross Gold Corporation
FAQ
What did Moody's change for Kinross (KGC) on December 4, 2025?
How much debt did Kinross (KGC) repay in 2025 and over 2024–2025?
Which Senior Notes did Kinross (KGC) redeem early on Dec 4, 2025?
What is Kinross's reported liquidity position after the redemption (KGC)?
How much Senior Notes principal remains outstanding for Kinross (KGC)?
When is Kinross's next major Senior Notes maturity (KGC)?
