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

News Market Reaction

-0.22%

1 alert

-0.22% News Effect

On the day this news was published, KGC declined 0.22%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Early redeemed notes: $500 million 2025 debt repaid: approximately $700 million Debt repaid 2024–2025: $1.5 billion +5 more

8 metrics

Early redeemed notes $500 million 4.50% Senior Notes repaid ahead of July 15, 2027 due date

2025 debt repaid approximately $700 million Total debt repaid in 2025 including early redemption

Debt repaid 2024–2025 $1.5 billion Debt repaid over fiscal years 2024 and 2025

Senior Notes outstanding $750 million Aggregate principal amount after redemption

Next notes maturity $500 million Senior Notes due July 15, 2033

Net cash position approximately $500 million Net cash as of September 30, 2025

Senior Notes coupon 4.50% Coupon on redeemed Senior Notes due 2027

Moody’s rating Baa2 (from Baa3) Upgrade of senior unsecured rating with stable outlook

Market Reality Check

Price: $37.16 Vol: Volume 5,963,721 is below...

low vol

$37.16 Last Close

Volume Volume 5,963,721 is below the 9,196,552 20-day average, indicating muted trading interest. low

Technical Price at 27.34 is trading above the 200-day MA of 17.98, reflecting a pre-existing uptrend.

Peers on Argus

While KGC is down 1.31%, key gold peers (AU, FNV, PAAS, WPM, AGI) show positive ...

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

5 past events · Latest: Nov 04 (Positive)

Pattern 5 events

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.

Pattern Detected

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.

Recent Company History

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: 1.16%

Short Interest

1.16%

0% 15% 30%+

low

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...

Analysis

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, senior unsecured rating, aggregate principal amount, financial leverage, +4 more

8 terms

senior notes financial

"Early redemption of $500 million in Senior Notes completed"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

senior unsecured rating financial

"Moody’s has upgraded the senior unsecured rating of Kinross to Baa2"

A senior unsecured rating is an assessment of a company's ability to repay its debts that are not backed by specific assets or collateral. It reflects how confidently investors can expect to get their money back if the company faces financial trouble, with higher ratings indicating lower risk. This rating helps investors compare the safety of different investments and understand the level of risk involved.

aggregate principal amount financial

"which have an aggregate principal amount of $500 million"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

financial leverage financial

"noted Kinross’ scale and production profile, low financial leverage"

Financial leverage is the use of borrowed money to increase the potential return on an investment. It’s similar to using a lever to lift a heavy object—by borrowing funds, an investor can amplify gains if the investment performs well, but it also increases the risk of larger losses if it performs poorly. This concept matters to investors because it can boost profits, but it also raises the level of risk involved.

conservative financial policies financial

"and conservative financial policies as key factors driving the upgrade"

Conservative financial policies are strategies that prioritize safety and stability by avoiding excessive risk and focusing on maintaining steady growth. They often involve careful spending, saving, and cautious investment choices, similar to a person who prefers to keep their savings secure rather than taking chances with high-risk ventures. For investors, such policies aim to protect capital and ensure predictable, long-term results.

maturity date financial

"with the next Senior Notes maturity date on July 15, 2033"

The maturity date is the specific day when a loan, bond, or investment reaches its full term and the borrower must repay the borrowed amount in full. It is important for investors because it indicates when they will receive their initial money back and can plan their future financial steps accordingly. Think of it as the due date for a loan or the day a gift card or coupon expires.

investment-grade balance sheet financial

"underscores the strength of our investment-grade balance sheet"

An investment-grade balance sheet is a financial statement that shows a company's strong financial health, with enough assets and low levels of debt to demonstrate stability and reliability. For investors, it signals that the company is less likely to face financial trouble, making it a safer option for investment. Think of it as a solid foundation that suggests the company can withstand economic ups and downs.

net cash financial

"which stands at a net cash1 position of approximately $500 million"

Net cash is the amount of money a company has after subtracting any debts or obligations from its total cash holdings. It shows how much cash would remain if the company used its available funds to pay off its debts. For investors, positive net cash indicates financial health and flexibility, while negative net cash may suggest potential difficulties in meeting financial commitments.

AI-generated analysis. Not financial advice.

Early redemption of $500 million in Senior Notes completed

(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 4.50% Senior Notes (“Notes”), which have an aggregate principal amount of $500 million, ahead of their July 15, 2027, due date.

Including the early redemption of the 2027 Notes, Kinross has repaid approximately $700 million of its debt in 2025, in line with its commitment to balance sheet strength. Over fiscal years 2024 and 2025, Kinross has repaid $1.5 billion in debt including this early redemption.

After the Notes redemption, Kinross has $750 million aggregate principal amount of Senior Notes outstanding, with the next Senior Notes maturity date on July 15, 2033, for $500 million in aggregate principal amount.

“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 $500 million as of September 30, 2025. Over the past two years, we have repaid $1.5 billion of debt, including $700 million in 2025, reflecting our disciplined approach to managing our business.”

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 $1,721.7 million less long-term debt of $1,236.9 million as reported on Kinross’ interim condensed consolidated balance sheet as at September 30, 2025.

Source: Kinross Gold Corporation

FAQ

What did Moody's change for Kinross (KGC) on December 4, 2025?

Moody's upgraded Kinross's senior unsecured rating to Baa2 from Baa3 and changed the outlook to stable from positive.

How much debt did Kinross (KGC) repay in 2025 and over 2024–2025?

Kinross repaid approximately $700 million of debt in 2025 and $1.5 billion over fiscal 2024–2025.

Which Senior Notes did Kinross (KGC) redeem early on Dec 4, 2025?

Kinross completed an early redemption of its $500 million 4.50% Senior Notes due July 15, 2027.

What is Kinross's reported liquidity position after the redemption (KGC)?

Management reported a net cash position of approximately $500 million as of September 30, 2025.

How much Senior Notes principal remains outstanding for Kinross (KGC)?

After the redemption, Kinross has $750 million aggregate principal amount of Senior Notes outstanding.

When is Kinross's next major Senior Notes maturity (KGC)?

The next Senior Notes maturity is July 15, 2033 for $500 million aggregate principal amount.