Fitch lowers Anglo American

Fitch Ratings said it downgraded Anglo American plc’s long-term issuer default rating and senior unsecured rating to BB+ from BBB-.

The outlook is negative.

The short-term issuer default rating also was downgraded to B from F3.

All of the ratings were removed from Rating Watch negative, where they were placed in December.

The downgrades follow the release of additional information on the group’s operational restructuring, which includes the sale of about 25 assets, Fitch said.

If completed, the company will become a materially smaller mining company focused on diamonds, copper and platinum, the agency said.

The negative outlook primarily reflects the high level of uncertainty regarding the ultimate success of the group’s restructuring plan, Fitch said.

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