S&P: Sual on positive watch

Standard & Poor's said it placed its BB- long-term corporate credit rating on Sual International Ltd. on CreditWatch with positive implications.

The agency said that this follows the announcement about a proposed merger between Sual and Rusal (not rated) that would also incorporate the alumina assets of Glencore International AG (BBB-/stable/A-3).

S&P noted that the ratings on Glencore remains unchanged, as the alumina assets it intends to contribute to the transaction represent less than 10% of the book and market value of Glencore's industrial assets.

In addition, dividends from the new group are expected to offset the reduction in related cash flows from these assets, the agency added.

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