LONDON (S&P Global Ratings) Feb. 21, 2020--The $10 billion of underlying EBITDA mining company Anglo American PLC (BBB/Stable/--) reported for 2019 is above the projections of $8 billion-$9 billion that S&P Global Ratings published in July 2019. That said, the company's 2019 results have not changed our view of Anglo American's creditworthiness. Any ratings upside continues to hinge on further sustained improvement in the company's portfolio, which is unlikely to be achieved before the ramp-up of projects such as the copper mine Quellaveco and additional work on the cost structure of other assets. The company's 2019 results support the ample headroom under the current 'BBB' rating, and we continue to forecast funds from operations (FFO) to debt well above 80%
