Barrick Gold Corp. (ABX) and Kinross Gold Corp. (K) are trading as if they’ve lost their investment-grade ratings after the price of the metal plunged 28 percent this year to the lowest since August 2010. Barrick’s implied bond rating has deteriorated to Ba1, the highest junk rating, according to Moody’s Corp. Moody’s Investors Service’s actual rating for Toronto-based Barrick, the world’s biggest gold miner, is an investment grade Baa2. Kinross, Canada’s third-largest producer, also has an implied rating of Ba1, versus an actual rating of Baa3. Barrick Chief Executive Officer Jamie Sokalsky is reducing spending and selling assets as gold heads for its first annual drop since 2000. Barrick,...
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