...The Outlook revision on Anglo American plc's Issuer Default Rating (IDR) from Negative to Stable in September 2026 reflects Fitch Ratings' expectations of lower leverage, supported by strong operational performance and higher copper prices than previously assumed. The merger with Teck remains on track to close by end-1Q27, pending regulatory approval from China. Anglo American has made progress on the sale of its coal assets and advances on the trade sale of De Beers. The financial policy of the merged entity has not yet been announced, but we forecast EBITDA net leverage below 1.2x in 2026-2029, giving it flexibility in capital allocation. Anglo American's rating reflects its large scale, high-quality assets, greater focus on copper, strong long-term demand fundamentals, and improved cost position after the merger. We expect Anglo American to complete its asset disposals and maintain a prudent financial policy after the merger, supporting solid credit metrics....
