Moody’s revises South32 to stable

Moody's Investors Service said it changed the outlook on South32 Ltd. to stable from negative and affirmed the Baa1/P-2 issuer rating and P-2 short term commercial paper rating.

The agency also affirmed the P-2 short term commercial paper rating of South32 Treasury (USA) Ltd.

"The change in rating outlook to stable reflects our expectation that South32's margins and cash flow generation will improve substantially over the next 12-18 months," Moody's vice president and senior credit officer Matthew Moore said in a news release.

"Combined with the company's very low funded debt levels, this will allow for South32 to maintain strong credit metrics for its rating."

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