Global mining company Anglo American PLC has published strong financial results for the first half of the year, reflecting the rebound in commodity prices, in particular for iron ore and coking coal, and the company's operational performance. In addition, the company published a new financial policy, including a dividend policy linked to performance. These factors, together with our price assumptions, suggest that Anglo's credit ratios are likely to be comfortably in the range commensurate with a 'BBB-' rating in the coming years. We are therefore raising the ratings on Anglo to 'BBB-/A-3' from 'BB+/B'. We are also raising the long-term South Africa national scale rating on Anglo to 'zaAAA' from 'zaAA+', and affirming the short-term national scale rating at 'zaA-1+'.
