Global scale and scope Generally low cost assets Focused business strategy Corrective measures in response to market downturn Significantly weaker market conditions and commodity prices Still high capital expenditure plans for 2009-2010 Quite significant debt from prior acquisitions Heightened execution risks on large projects Sizable portion of assets located in South Africa The ratings on global diversified mining group Anglo American PLC (Anglo) reflect, in Standard&Poor's Ratings Services' view, its global scale and scope of operations, with a portfolio of generally low-cost, high-quality assets, across a range of metals and minerals. Furthermore, we believe the company has a focused business strategy and is taking corrective measures to cut costs and conserve cash, to partly mitigate the impact of
