S&P rates Anglo American notes zaAAA

Standard & Poor's said it assigned South Africa national scale zaAAA long-term and zaA-1 short-term senior unsecured debt ratings to the guaranteed ZAR 20 billion medium-term note program to be issued by Anglo American SA Finance Ltd., a subsidiary of Anglo American plc (A/stable/A-1).

Proceeds will be used for general corporate purposes.

The ratings reflect Anglo American's position as a leading global diversified mining group, supported by strong cash flows, low debt and a conservative financial policy, according to S&P.

These strengths are partly offset by the capital-intensive, cyclical and volatile nature of the mining industry, persistent industry-wide cost pressures, the group's increasing capital expenditures and shareholder returns and its exposure to South Africa, the agency said.

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