A diversified portfolio comprising 10 commodities produced in multiple countries Long reserve life for alumina, manganese, and coal Smaller scale compared with its large diversified peers' like BHP Billiton Ltd., Rio Tinto PLC, and Anglo American PLC Strong market positions in global manganese ore, silver, and lead production, and coal in South Africa Cyclical and capital-intensive mining industry Low leverage underpinning its strong balance sheet Strong liquidity Conservative capital structure and modest growth in capital expenditure Our expectation of strong cash flow protection metrics in 2018 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 to pursue growth opportunities or weather potential weakening in
