...LONDON (S&P Global Ratings) May 23, 2024--S&P Global Ratings today said that Anglo American's rejection of BHP's third takeover proposal, and the subsequent discussions between the companies, have no immediate effect on our ratings. In March 2024, we lowered our long-term issuer credit rating on Anglo American to '###' from '###+', spurred by the company's lower production guidance for 2024-2026 and low prices across certain commodities, notably for platinum group metals (PGM) and diamonds, which will result in weaker credit metrics for 2024-2025. As a response, management decided to optimize its portfolio. At the time of the downgrade, we lacked visibility as to the potential magnitude of the changes (see "Anglo American Ratings Lowered To '###', Removed From Watch On Poor Results And Production; Outlook Stable," published on March 8, 2024). In mid-May 2024, after Anglo American rejected BHP's second takeover proposal, its management announced its new strategy, which includes restructuring...
