Fitch Upgrades Gran Colombia Gold to ‘B+’; Outlook Stable

Fitch Ratings has upgraded Gran Colombia Gold Corp.’s Long-Term Foreign and Local Currency Issuer Default Ratings to ‘B+’ from ‘B’. In addition, Fitch has upgraded Gran Colombia’s secured gold notes to ‘B+’/’RR4’ from ‘B’/’RR4’. The Rating Outlook is Stable. The upgrades reflect the improvement in the company’s capital structure due to strong free cash flow and capital raising, which has led to substantial debt repayment. The rating upgrades reflect an expectation that Gran Colombia will continue to maintain a strong capital structure, and that its free cash flow will remain robust following the transfer of its Marmato Lower Zone mine and assets to Caldas Gold Corp.

Source: Fitch Ratings