Scale and scope of mining operations. Healthy margins. Leverage metrics consistent with ratings. Volatile and cyclical prices and demand. Substantial capital expenditure plans that could be partly debt-funded. Substantial minority holdings in its key iron ore asset Kumba Iron Ore. Concentration of assets in emerging markets, notably South Africa. The ratings on global diversified mining group Anglo American PLC (Anglo) reflect Standard&Poor's Ratings Services' view of Anglo's "strong" business risk profile and "intermediate" financial risk profile. Supportive factors include the group's improving cost positions, healthy margins, and new production coming from new projects. In addition, Anglo has decreased its debt through high free cash flow and disposals, amid the favorable market environment, and improved its maturity profile. We
