Strong, low-cost, and diversified mining asset base; Leading global market positions in platinum and diamonds; Diversified end-user customer base; Conservative attitude toward debt and a strong financial profile; and Adequate coverage ratios of debt outside South Africa by cash flows outside the country. Cyclical and capital intensive industries; Strong correlation to the world's GDP in end-markets, with particular exposure to luxury markets; Some dependency on platinum; and Significant dependency on South Africa and exposure to the South African rand. The ratings on U.K.-based mining group Anglo American PLC (Anglo) reflect its above-average business profile as a global mining and natural resource group and its conservative financial profile. As the world's second-largest mining group--behind BHP Billiton PLC (A/Positive/A-1)--Anglo benefits from very
