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; Significant dependence on South Africa and exposure to the South African rand; and Exchange controls, black empowerment initiatives, risk of taxes and royalty, and social issues in South Africa. The ratings on U.K.-based mining group Anglo American PLC (Anglo) reflect its above-average business profile as a global, diversified mining, and natural resource group and its conservative financial profile.
