Global mining company Glencore PLC has announced a $2.5 billion equity raising, no dividend payments in 2016, and other measures designed to underpin its credit profile. We see these as material and consistent with the company's commitment to maintaining the current ratings. We are therefore affirming our long- and short-term corporate credit ratings on Glencore at 'BBB/A-2'. The outlook remains negative, reflecting our view that industry prospects remain uncertain and our estimation that Standard&Poor's-adjusted funds from operations (FFO) to debt is likely to remain modestly below our threshold in 2015, particularly if copper prices soften again. LONDON (Standard&Poor's) Sept. 9, 2015--Standard&Poor's Ratings Services today affirmed the 'BBB/A-2' corporate credit ratings on global miner Glencore
