10:00 AM EDT, 05/17/2024 (MT Newswires) -- Sibanye Stillwater's ( SBSW ) outlook was revised by Moody's to negative from positive on Friday amid the "persistently" low prices for platinum group metals, or PGM.

Moody's said the negative outlook reflects its expectation that the company's credit metrics, which are "highly sensitive" to changes in PGM and gold prices, "could significantly weaken" over the next 12 to 18 months.

The rating agency said that increased gross debt and a potential fall in production at certain mature PGM and gold shafts in South Africa could also weaken Sibanye's credit metrics.

Concurrently with the outlook revision, Moody's affirmed the company's Ba2 corporate family rating and Ba2-PD probability of default rating.

The company didn't immediately respond to a request for comment from MT Newswires.

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