Moody’s revises Glencore to positive

Moody's Investors Service said it assigned a Baa2 long-term issuer rating with a positive outlook to Glencore plc.

Concurrently, the agency withdrew the Baa2 long term issuer rating of Glencore International AG.

The change of the rated entity reflects a historic change in the company structure following the 2013 merger with Xstrata plc. Glencore plc is the ultimate parent of the Glencore group and the reporting entity.

"Our decision to change the outlook to positive on Glencore's ratings reflects material operating profit growth in 2017, which together with continued conservative management of the balance sheet structure and leverage profile positions the company strongly in the Baa2 rating category. The ratings could be upgraded if Glencore sustains the improved financial profile and continues to demonstrate prudent balance sheet management," Moody's senior vice president Sven Reinke said in a news release.

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