On Dec. 19, 2003, Standard&Poor's Ratings Services revised its outlook on U.K.-based mining group Anglo American PLC (Anglo) to negative from stable, reflecting the likelihood of continued financial weakening. The 'A-' long-term and 'A-2' short-term ratings were affirmed. Anglo had $7 billion of net financial debt at June 30, 2003, and Standard&Poor's is concerned that this is likely to grow further as it continues its large capital expenditure program, a significant portion of which is in platinum in South Africa. At a time when operating cash flows are suffering because of a strong South African Rand, this is depressing credit ratios beyond the comfort zone at the current ratings level. The ratings on Anglo continue to
