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Moody’s cuts Glencore to Baa3
Moody's Investors Service said it downgraded the long-term and short-term ratings of Glencore International AG and its related entities to Baa3/provisional Baa3/P-3 from Baa2/provisional Baa2/P-2.
The outlook is stable.
"Our decision to downgrade Glencore's ratings by one notch to Baa3 primarily reflects our expectations that the pricing environment in mining will remain unfavorable in 2016-17, making a return to the previous level of earnings unlikely," Elena Nadtotchi, Moody’s vice president, senior credit officer and lead analyst for Glencore, said in a news release.
"However, we believe that Glencore has the capacity to adjust its balance sheet to a reduced earnings level in order to maintain its investment grade ratings."
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