YRI:CC - Yamana Gold sees banks improving terms after S&P upgrade

Yamana Gold (NYSE:AUY) is seeking better terms from lenders including Bank of Nova Scotia and Citigroup after earning an upgrade from S&P last week, CFO Jason Leblanc told Bloomberg on Tuesday. S&P raised Yamana (AUY) to BBB-, its lowest investment grade, citing an expectation that the company will maintain low debt leverage ratios over the next several years and resilience to potential future declines in gold prices, and it estimates Yamana's debt at less than 1x its EBITDA for the 2022-24 time frame, a conservative scenario compared to the miner's projections. "Without any further meaningful increases to our dividends or share repurchases, we'll go net cash positive over the next couple of years," Leblanc told Bloomberg, although projections are subject to the prices of gold and other commodities. S&P's assumptions used for Yamana's (AUY) credit rating include "a gradual and meaningful decline through 2024" of gold prices to $1,400/oz from

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Yamana Gold sees banks improving terms after S&P upgrade