Moody's upgrades Rio Tinto

Moody's Investors Service said it upgraded Rio Tinto plc's and Rio Tinto Ltd.'s (together Rio Tinto, the company) long-term issuer ratings to A1 from A2 and changed the outlook to stable from positive.

"Rio Tinto's upgrade reflects its continued very low leverage and strong credit profile despite a continued subdued commodity price environment in the first half of 2023. The company is entering a period of rising investments for long term growth, but we expect Rio Tinto to maintain its strong metrics as it invests," said Tobias Wagner, a Moody's vice president, senior credit officer and lead analyst for Rio Tinto, in a press release.

The agency noted Rio Tinto’s Moody's-adjusted debt/EBITDA of 0.7x and Moody's-adjusted net debt position of $5.6 billion (which excludes $1.2 billion of highly liquid financial investments) as of June 2023. This being despite low price levels for some of its main metals such as aluminum.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.