Fitch cuts Anglo American

Fitch Ratings said it downgraded Anglo American plc's long-term issuer default rating and senior unsecured rating to A- from A and short-term issuer default rating to F2 from F1, along with the guaranteed debt to A- from A of its subsidiary Anglo American Capital plc.

The outlook is negative.

The downgrades reflect the negative revision to the outlook for global economic growth in 2009 and 2010, Fitch said.

It also considers the possibility of weaker-than-expected iron ore prices, an important earnings generator for Anglo, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.