We believe that recent softening in commodity prices and heavy capital expenditure at global mining company Anglo American PLC in the coming two years may increase pressure on the company's financial ratios. In addition, Anglo American's South African business activities, which currently contribute about 45% of annual EBITDA, may be subject to changes in the mining charter, including higher taxes. We are therefore revising our outlook on Anglo American to negative from stable. At the same time, we are affirming our long- and short-term corporate credit ratings on Anglo American at 'BBB/A-2' and our long- and short-term South Africa national scale ratings at 'zaAA+/zaA-1'. The negative outlook reflects the possibility of us downgrading Anglo American in the coming 12-18 months
