On April 27, 2004, Standard&Poor's Ratings Services affirmed its 'A-' long-term corporate credit and senior unsecured debt ratings on U.K.-based mining group Anglo American PLC and removed them from CreditWatch, where they were originally placed on Feb. 26, 2004. The rating actions follow the group's announcement that it was unsuccessful in its bid to acquire a controlling interest in Portucel – Empresa Produttora de Pasta e Papel, SA, one of the largest uncoated fine paper producers in Europe. The outlook is stable. At the same time, Standard&Poor's affirmed its 'A-2' short-term corporate credit rating on Anglo. Since the original bid for Portucel was announced, Anglo has made significant disposals and continues to benefit from very favorable
