S&P: Xstrata Queensland still on watch

Standard & Poor's said it kept its BBB+ long-term corporate credit rating on Xstrata Queensland Ltd. on CreditWatch with negative implications.

The agency said that this follows the announcement by the company's parent, Xstrata plc, of an increased offer for the about 80% stake that it does not already own in Falconbridge Ltd. (BBB-/Watch positive/A-3).

S&P added that the rating on Xstrata Queensland continues to reflect the business and financial risk profiles of and implicit support from Xstrata

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