Standard&Poor's has revised its price assumptions for iron ore because global demand remains soft, resulting in the likely lower cash generation and tighter credit metrics for Chile-based mining company, CAP, in the next two years. We have downgraded CAP to 'BB+' from 'BBB-'. We expect the ongoing weak market conditions to keep driving iron ore prices down, resulting in pressured financial metrics for the next two years. On Jan. 30, 2015, Standard&Poor's Ratings Services lowered its corporate credit and issue ratings on CAP S.A. to 'BB+' from 'BBB-'. The outlook is negative. The downgrade reflects our expectation that CAP's financial risk profile will weaken in the next two years due to the eroding iron prices, which
