A diversified portfolio comprising 10 commodities produced in multiple countries Smaller scale compared to its large peers like BHP Billiton, Rio Tinto, and Anglo American Strong global market position in manganese ore, silver, lead, and coal in South Africa Cyclical and capital-intensive mining industry Low leverage underpinning its strong balance sheet Strong liquidity Modest growth capital expenditure Forecast lower earnings due to the cyclical downturn of its main commodities The stable outlook on South32 Ltd. reflects our view that the company's strong balance sheet provides it with a comfortable financial cushion and rating buffer against weakening in the prices of its main commodities. To maintain the 'BBB+' rating, we expect South32's adjusted funds from operations (FFO) to debt to be
