On April 3, 2017, we lowered our long-term foreign currency sovereign credit rating on South Africa to 'BB+' from BBB-', reflecting our view that divisions in the ANC-led government have put policy continuity at risk and increased the likelihood that economic growth and fiscal outcomes could suffer. The global mining company Anglo American has a material exposure to South Africa, where it has operations in iron ore, platinum, diamonds, and coal. That said, contributions from other parts of the world and strong liquidity outside of South Africa offset some of this risk. We consider that Anglo American could be rated above the rating on South Africa. We are therefore affirming our 'BB+' long-term corporate credit rating on Anglo American. The
