...The upgrade of Anglo American plc's ratings reflects the continued improvement in the company's financial profile on the back of stronger-than-expected results and prudent balance-sheet management. Stronger cash flow generation, in the context of a favourable commodity price environment and ongoing business transformation, allow ed a reduction in adjusted gross debt to USD10.6 billion at end-2018 from USD13.4 billion at end-2017. Fitch Ratings' base case assumes that funds from operations (FFO) adjusted leverage w ill remain below 2.0x over the next four years. Uncertainties remain, how ever, around possible future shareholder returns as w ell as capital intensity and execution risks at the Quellaveco project, in the Moquegua region of Peru. Anglo American's operational profile is in line w ith the mid `BBB' rating category, supported by the company's significant scale, w ith leading positions in the diamond and platinum markets, significant commodity and geographic diversification, and...
