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DBRS changes Rio Tinto view
DBRS said it changed the trend assigned to Rio Tinto plc and Rio Tinto Ltd. to positive from stable and confirmed the issuer rating at A (low).
The agency said the recovery in commodity prices since the end of 2015 has provided the company with strong net free cash flow that, in conjunction with the proceeds from non-core asset sales, has been used to significantly reduce total borrowings and other financial liabilities from $23.6 billion at the beginning of 2016 to $16.1 billion at the end of 2017.
DBRS said the significantly lower debt, as well as strong adjusted operating cash flow and EBITDA, have resulted in the company’s credit metrics improving dramatically, and they are now strong for the rating.
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