Glencore PLC has materially reduced gross and adjusted debt over recent years and is targeting further modest deleveraging in line with its financial policy. Combined with a supportive operating performance and sustained free cash flow generation, we now project leverage to remain at a lower level, even if industry conditions soften. We are therefore raising our long- and short-term corporate credit ratings on Glencore to 'BBB/A-2' from 'BBB-/A-3'. The outlook is positive, reflecting the potential for an upgrade to 'BBB+' if stronger credit metrics are attained and maintained, with the reinstatement of shareholder distributions, and in the context of uncertain future market conditions. On March 10, 2017, S&P Global Ratings raised its long- and short-term corporate credit ratings on global
