We have lowered our price assumptions for aluminium, copper, and other metals, reflecting a change in market conditions and uncertainties about China's economic outlook. These lower current and projected commodity prices are resulting in weaker-than-expected cash flow leverage metrics for global mining company Glencore PLC, despite reducing gross and adjusted debt and the diversification of the group's operations. We are therefore revising our outlook on Glencore to negative from stable. At the same time, we are affirming our long- and short-term corporate credit ratings at 'BBB/A-2'. The negative outlook reflects our view that we could lower our rating on Glencore if its credit metrics do not improve such that Standard&Poor's-adjusted funds from operations (FFO) to debt is more
