LONDON (S&P Global Ratings) Jan. 29, 2021--S&P Global Ratings said today that it has revised upward its base-case forecasts for Glencore PLC (BBB+/Stable/A-2) for 2020 and 2021, thanks to higher copper and zinc prices restoring headroom under the ratings. Under our revised base case, we expect Glencore to generate discretionary cash flow of $1.5 billion-$3.5 billion in 2021, with underlying EBITDA of $11.0 billion-$11.5 billion and disciplined capital expenditure and dividends. This translates into a material improvement in Glencore's S&P Global Ratings-adjusted funds from operations to debt to comfortably above our minimum threshold for the 'BBB+' rating of 42.5%, or 32.5% at the bottom of the cycle. By our calculations, such headroom could accommodate additional debt of up to about
