...The recent downgrade of BHP Billiton Plc/Limited's Long-Term Issuer Default Rating (IDR) reflects reduced diversification from oil & gas earnings following the anticipated disposal of US onshore shale assets. The rating also takes into account BHP's transparent capital allocation process with a net debt target in the range of USD10 billion- USD15 billion. BHP remains a large, diversified miner with one of the strongest business profiles in the industry given its balanced commodity exposure across iron ore, copper, coal and conventional petroleum, low-cost assets mostly located in OECD countries and the company's value-over-volume proposition....
