Moody's ups Glencore

Moody's Investors Service said it upgraded long- and short-term ratings on Glencore International AG and its related entities by one notch to Baa2/P-2.

The outlook on all ratings is stable.

“The upgrade of ratings recognizes that Glencore has reduced debt, strengthened its leverage profile and re-set its financial framework in 2016. The company targets to maintain its improved credit position amid a range of price scenarios. In 2017/2018, Glencore should maintain its improved cost positions, benefit from higher commodity prices and deliver higher earnings and further improvement in leverage,” said Elena Nadtotchi, vice president senior credit officer at Moody's, in a news release.

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