11:57 AM EDT, 05/31/2024 (MT Newswires) -- Moody's on Thursday upgraded Eldorado Gold's ( EGO ) corporate family rating to "B1" from "B2," and the probability of default rating to "B1-PD" from "B2-PD."

The rating agency affirmed the senior unsecured notes rating at "B3" and the outlook remains stable.

"Eldorado's ratings upgrade reflects our expectation that leverage will remain below 2.5x despite significant capital spending anticipated over the next two years, and that the company will grow its production and lower its cost profile over the medium term", Jamie Koutsoukis, Moody's analyst, said.

Additionally, the rating upgrade reflects the change in the foreign currency country ceiling rating on the Government of Turkiye being raised to "B2" in January.

Price: 21.97, Change: -0.32, Percent Change: -1.44