Global diversified mining group Anglo American PLC's commissioning of Quellaveco is a material milestone in its efforts to reshape its portfolio and reduce its exposure to specific countries, including South Africa. Although commodity prices have weakened amid a softening global economy and rising recession risks, this should have a modest impact, if any, on the company's credit metrics, in our view. We therefore raise our long-term rating on the company to 'BBB+', and affirmed our 'A-2' short-term rating. We also affirmed our 'zaAAA/zaA-1+' South African national scale ratings on Anglo American. The stable outlook reflects our view that the low financial gearing will allow the company to accommodate potential shocks in global economy in 2023. Absolute scale: In each of
