Fitch lowers Anglo American to BBB-

Fitch Ratings said it downgraded Anglo American plc's issuer default rating to BBB- from BBB and placed the ratings on Rating Watch Negative.

The downgrade follows the group's announcement of a radical operational restructuring, a lower outlook for production, principally at its iron ore assets, and a weaker outlook for commodity prices, Fitch said.

The combination of these factors weakens expected credit metrics in the near-term and introduces uncertainty regarding their return to a level commensurate with an investment-grade rating.

The negative watch reflects the agency’s expectation that it will receive more clarity on the group's plans in its February 2016 results presentation.

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