On Aug. 3, 2007, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term corporate credit ratings on global, diversified mining group Anglo American PLC (Anglo) following the group's announcement of a further $4 billion buyback program and strong results for the six months to June 30, 2007. The outlook is stable. The affirmation reflects Anglo's continued strong financial risk profile. We do not regard the program as signaling a more aggressive financial policy, but rather a continuation of the group's existing practice of deploying surplus cash. This is more conservative than expensive, large-scale merger and acquisition activity. Although the cash could have been used to expand or improve operations, or earmarked to mitigate any potential downturn in the
