Scale and scope of mining operations. Recovery in metals and minerals prices. Healthy margins. Focused business strategy and corrective measures. Leverage metrics consistent with ratings. Severe industry downturn reduced profits and cash flows. Volatile and cyclical prices and demand. Substantial capital expenditure plans that could be partly debt-funded. Ongoing execution risks on major projects. Concentration of assets in emerging markets, notably South Africa. The ratings on global diversified mining group Anglo American PLC (Anglo) reflect our view of Anglo's "strong" business risk profile and "intermediate" financial risk profile. Supportive factors include the group's improving cost positions, healthy margins, corrective actions, and rebound in metals and minerals prices. In addition, Anglo has improved its liquidity through debt issuance, and its financial
