S&P ups Anglo American view positive

S&P said it revised its outlook on Anglo American plc to positive from stable and affirmed the global scale long-term corporate credit rating on the company at BB+.

S&P also raised its South African national scale rating on Anglo to zaA+ from zaA.

S&P said it affirmed the BB+ rating on Anglo's revolving credit facility and unsecured notes. The recovery rating on the debt is unchanged at 3, indicating an expectation of meaningful (65%) recovery prospects for creditors in the event of default.

“The outlook revision reflects the recent reported preliminary figures for 2016 and the improvement in our forecast for commodity prices, which should strengthen the company's cash flow generation capacity and could support an upgrade to BBB- over the coming 12 months,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.