Glencore Upgraded To 'BBB/A-2' On Lower Leverage; Outlook Positive

Glencore PLC has materially reduced gross and adjusted debt over recent years and is targeting further modest deleveraging in line with its financial policy. Combined with a supportive operating performance and sustained free cash flow generation, we now project leverage to remain at a lower level, even if industry conditions soften. We are therefore raising our long- and short-term corporate credit ratings on Glencore to 'BBB/A-2' from 'BBB-/A-3'. The outlook is positive, reflecting the potential for an upgrade to 'BBB+' if stronger credit metrics are attained and maintained, with the reinstatement of shareholder distributions, and in the context of uncertain future market conditions. LONDON (S&P Global Ratings) March 10, 2017--S&P Global Ratings today said it has raised its long- and

...+ Glencore PLC has materially reduced gross and adjusted debt over recent years and is targeting further modest deleveraging in line with its financial policy. + Combined with a supportive operating performance and sustained free cash flow generation, we now project leverage to remain at a lower level, even if industry conditions soften. + We are therefore raising our long- and short-term corporate credit ratings on Glencore to '###/A-2' from '###-/A-3'. + The outlook is positive, reflecting the potential for an upgrade to '###+' if stronger credit metrics are attained and maintained, with the reinstatement of shareholder distributions, and in the context of uncertain future market conditions. LONDON (S&P Global Ratings) March 10, 2017--S&P Global Ratings today said it has raised its long- and short-term corporate credit ratings on global diversified mining and trading company Glencore PLC to '###/A-2' from '###-/A-3'. The outlook is positive. The upgrade reflects Glencore's strengthened...

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