Global mining company Anglo American PLC recently reported its preliminary results for 2016, signaling further deleveraging through 2017 after a material drop in absolute debt to $8.5 billion as of Dec. 31, 2016. Given our higher price assumptions for some of Anglo's commodities as of Jan. 17, 2017, we project the current momentum to continue and translate into improved credit metrics. We are therefore revising our outlook on Anglo to positive from stable. We are raising our South African national scale rating to 'zaA+' from 'zaA' and affirming our 'BB+' long-term corporate rating. The positive outlook reflects the possibility that we could raise the rating on Anglo American in the coming 12 months as the company continues to strengthen its
