Moody’s downgrades Anglo American

Moody's Investors Service said it downgraded Anglo American plc’s and its subsidiaries’ senior unsecured ratings Baa3 from Baa2 and short-term ratings to P-3 from P-2.

Concurrently, the agency downgraded the company's national scale rating to A3.za from A2.za and kept short-term national scale rating unchanged at P-1.za.

All ratings were placed on review for downgrade.

Moody’s said the action follows the announcement by the company of the broad restructuring initiative that is expected to result in a material downsizing of its production portfolio and earnings/cash flow generation levels and be accompanied by a proportionate reduction in debt in the near term. The company expects to provide full details of the forthcoming portfolio reorganization and new leverage targets in early 2016.

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