Standard&Poor's has revised its price assumptions for iron ore downward because of our expectation of a severe supply and demand imbalance in the next two years. We expect that low iron ore prices will lead to lower earnings and weaker credit metrics at global mining company Anglo American PLC. We have revised our business risk profile assessment of Anglo down to satisfactory from strong. As a result, we have lowered the corporate credit ratings on the company to 'BBB-/A-3' from 'BBB/A-2' and the South Africa national scale rating to 'zaAA' from 'zaAA+'. The stable outlook reflects our view of the limited downside to the rating over the coming 12-18 months, supported by the company's expectations that it will
