Yamana Gold, which operates mines in four countries including Canada and Argentina, is seeking better terms from lenders including Bank of Nova Scotia and Citigroup Inc. after earning an upgrade from S&P Global Ratings.

“We’ll definitely make sure it is being respected and acknowledged in all of our lending facilities,” CFO Jason Leblanc said in an interview. “We have ongoing discussions with them.”

S&P raised Yamana to its lowest investment grade last week, 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. S&P estimates the company’s debt at less than one time its earnings before interest, taxes, depreciation and amortization for the 2022-2024 time frame, a conservative scenario compared to the company’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,” said Leblanc, adding that it’s subject to the evolution of gold and other commodity prices. “We don’t have crystal balls, but we can manage our business, make sure we have scale, make sure that we generate profitability at the bottom of the cycle.”

Yamana has a $750-million revolving credit facility, Bloomberg data show. The financing, which is provided by lenders including Scotiabank and Citigroup, has a margin of 165 basis points over one-month Libor.

S&P’s assumptions used for Yamana’s credit rating include “a gradual and meaningful decline through 2024” of gold prices to $1 400 per ounce from more than $1,900 per ounce currently, the ratings company said in an April 11 statement. Spot gold is at about $1,979.88 an ounce after reaching $1 998.38 on Monday, the highest intraday level since March 11. That compares to a price of $1 800 used by Yamana in its planning for the year, said Leblanc.

“Our view is that the gold price is very well supported here and is most likely to go higher,” said Leblanc, citing factors including inflation and geopolitical uncertainties. “That said, we plan our business to lower commodity prices as well, and we’re comfortable that we are not only sustainable, but we’ll continue to generate strong cash flows.”