DBRS lowers Anglo American

DBRS said it downgraded the issuer rating of Anglo American plc to BBB (low) from BBB and changed the trend to negative from stable.

Although the agency said it recognizes the company as one of the largest and most diversified mining companies in the world, the downgrade reflects that its credit metrics in the first-half of 2015 were weaker than previously expected.

The credit metrics for full-year 2015 and into 2016 are expected to deteriorate further given the continuing difficult market conditions faced by its core commodities, DBRS said.

There currently appears to be little prospect for price recovery over the near- to medium-term, the agency said.

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