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 of debt outside South Africa by cash flows outside the country. Operations in cyclical and capital-intensive industries; Strong correlation to the world's GDP in end-markets, with particular exposure to luxury markets; Some dependence on platinum; and Significant dependence 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+/Stable/A-1)--Anglo benefits from very
