Moody’s turns Glencore trend positive

Moody's Investors Service said it changed Glencore plc's outlook to positive from stable.

"The positive outlook reflects Glencore's tightened financial policy, progress in addressing governance risks and strong credit metrics that provide for greater resilience through different commodity price scenarios. The rating remains underpinned by the company's scale and diversification," said Tobias Wagner, a Moody's vice president, senior credit officer and lead analyst for Glencore, in a press release.

Concurrently, Moody's affirmed Glencore's Baa1 long-term issuer rating and the ratings of its subsidiaries, including the (P)Baa1 rating on the senior unsecured medium-term note program.

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