Low-cost, long-life asset base. Large scale. High degree of diversity across commodities. Cyclical and capital-intensive mining industry. Concentration of assets in emerging markets, notably South Africa. Comfortable debt maturity profile. Strong liquidity. Expectation of negative discretionary cash flow and increased debt. Substantial minority holdings in its key iron ore and copper operations. The stable outlook reflects Standard&Poor's Ratings Services' expectation that global diversified mining group Anglo American PLC (Anglo) should be able to maintain adjusted funds from operations (FFO) to debt of about 35% or higher in 2013 and a minimum of 30% in 2014 under our pricing assumptions. We see the possibility of a further downgrade in the next 12 months as remote, given the company's "strong"
