Fitch upgrades Rio Tinto

Fitch Ratings said it upgraded Rio Tinto plc's and Rio Tinto Ltd.'s long-term issuer default ratings and senior unsecured ratings to A- from BBB+. The short-term issuer default ratings were affirmed at F2.

The outlook is stable.

Through a combination of management action on reducing debt and China's still insatiable demand for commodities, Rio Tinto has emerged from the financial crisis with its core operating strengths intact and with further improvement in its financial profile expected in 2010, Fitch said.

The upgrade also reflects various measures taken by the group over the past 12 months to reduce absolute debt levels, the agency said, and an expectation of further deleveraging.

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