Fitch views Anglo American positively

Fitch Ratings said it revised Anglo American plc's outlook to positive from stable and affirmed the mining group's long-term issuer default rating at BBB.

“The outlook revision reflects Anglo American's delivery on production growth and its continuing conservative financial profile. We view Anglo American as being better positioned than its peers for the global energy transition in the long term, due to improving operational diversification with a new copper mine starting operations in 2022 and a crop nutrients project in the pipeline for the medium term, plus a diversified existing commodity portfolio,” Fitch said in a press release.

The agency said it sees Anglo American maintaining strong financial credit metrics, with funds from operations gross leverage below 1.5x and net debt/EBITDA of around 0.3x below its positive rating sensitivities in 2022-2025.

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