Moody's revises Anglo American view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed the Baa2 long term issuer rating of Anglo American plc as well as the Baa2 ratings of the group's senior unsecured instrument rating.

Concurrently, Moody's affirmed the Aaa.za and P-1.za national scale ratings for Anglo American SA Finance Ltd. and changed the outlook to negative from stable.

"Changing the outlook on Anglo American's ratings to negative reflects the impact that the coronavirus crisis will have on the company's financial profile in 2020 and it reflects our recent rating action on the Government of South Africa sovereign rating which we downgraded to Ba1 with a negative outlook. While we recognize Anglo American's strong liquidity and financial flexibility and believe that a normalization of commodity demand and commodity prices will support a recovery of its credit metrics in 2021-22, we consider the speed of the recovery as less certain," said Sven Reinke, a Moody' senior vice president, in a press release.

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