Moody’s upgrades Anglo American

Moody's Investors Service said it upgraded Anglo American plc’s corporate family rating to Ba1 from Ba2 and probability of default rating to Ba1-PD from Ba2-PD.

Concurrently, the agency upgraded the rated senior unsecured guaranteed debt instruments at Anglo American Capital plc to Ba1 from Ba2, and Anglo American SA Finance Ltd.'s national scale ratings to A1.za/P-1.za from A3.za/P-2.za.

The outlook on all ratings remains positive.

"We have upgraded Anglo American's ratings to Ba1 with positive outlook to reflect its improving credit profile following accelerated debt reduction in 2016 and improving operating cash flows," Elena Nadtotchi, Moody’s vice president senior credit officer and the lead analyst for Anglo, said in a news release.

"Anglo's ability to affirm its financial policies, including the dividend policy, will play a key part in sustaining the improved financial profile and higher ratings."

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