The ratings on global mining company Anglo American PLC are influenced by those on South Africa and the South African country risk environment since Anglo American generates more than half its EBITDA in South Africa. On Oct. 12, 2012, we cut our ratings on the Republic of South Africa to 'BBB/A-2' foreign currency and 'A-/A-2' local currency with a negative outlook. We believe that the country risk mining companies face in South Africa has increased and that the lower commodity price environment could weaken Anglo American's credit ratios. We are revising our outlook on Anglo American to negative from stable, while affirming its 'BBB+/A-2' ratings. PARIS (Standard&Poor's) Oct. 17, 2012--Standard&Poor's Rating Services revised its outlook on
