Standard&Poor's Ratings Services has recently lowered its price assumptions for copper and other metals, reflecting the very challenging market outlook and the increased uncertainty about demand. These heightened operating risks, reported EBITDA declines, and increased volatility of earnings lead us to a more cautious assessment of global mining company Glencore PLC and its financial leverage. We are therefore lowering our long- and short-term corporate credit ratings on Glencore to 'BBB-/A-3' from 'BBB/A-2'. The outlook is stable as we believe Glencore's meaningful continuing free cash generation, strong liquidity, and active balance sheet deleveraging should mitigate downside risk. On Feb. 4, 2016, Standard&Poor's Ratings Services lowered its long- and short-term corporate credit ratings on global diversified mining and
