12:39 PM EDT, 03/28/2024 (MT Newswires) -- Moody's on Thursday upgraded the long-term issuer rating of Agnico Eagle Mines' ( AEM ) to Baa1 from Baa2.

The outlook has been changed to stable from positive.

"The upgrade reflects Agnico's strengthened business profile following its acquisitions of Kirkland Lake Gold, and Yamana's interests in Canadian Malartic and Wasamac and management's commitment to maintaining a strong financial position that includes keeping low leverage and conservative financial policies", Jamie Koutsoukis, Moody's analyst, said.

The company's stock rose 2.7% on last look on Thursday.

Price: 80.57, Change: +2.08, Percent Change: +2.65