S&P: Anglo America view to stable

Standard & Poor's said it revised its outlook on Anglo American plc to stable from negative and affirmed the BBB long-term corporate credit ratings. The agency also raised the short-term ratings to A-2 from A-3, along with the South Africa national scale long-term rating of Anglo American SA Finance Ltd. to zaAA- from zaA+. Its zaA-1 South Africa national scale short-term debt rating was affirmed.

The outlook revision reflects an opinion that Anglo should maintain credit metrics in line with the ratings thanks to its 2009 operating performance and leverage ratios, which were better than anticipated, supported by a rebound in metals and mineral prices and corrective actions by management, S&P said.

There also were improvements in liquidity from debt issuance and financial flexibility from suspended dividends and planned disposals, the agency said.

The ratings reflect Anglo's strong business risk profile and intermediate financial risk profile, S&P added.

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