On Feb. 26, 2004, Standard&Poor's Ratings Services placed its 'A-' long-term corporate credit and senior unsecured debt ratings on U.K.-based mining group Anglo American PLC on CreditWatch with negative implications, following the group's announcement that it is seeking to gain a controlling interest in Portucel – Empresa Produttora de Pasta e Papel, SA, one of the largest uncoated fine paper producers in Europe. At the same time, Standard&Poor's affirmed its 'A-2' short-term rating on Anglo. The acquisition price for Portucel is not known at this stage nor is the method of financing that Anglo proposes to use, with regards to the proportion of debt and equity. Standard&Poor's is concerned, however, that--should Anglo's bid be
