Low-cost, long-life asset base. Large scale of operations. High degree of commodity diversification. Exposure to cyclical and capital-intensive mining industry. Asset concentration in emerging markets, notably South Africa. Comfortable debt maturity profile. "Strong" liquidity. Expectation of negative discretionary cash flow and increased debt in 2015 and in 2016. Substantial minority holdings in its key iron ore and copper operations. Standard&Poor's Rating Services' negative outlook on U.K.-based global mining company Anglo American PLC (Anglo) reflects the possibility of a downgrade in the coming 6-12 months if the company's negative free operating cash flow (FOCF) is higher or more prolonged than we currently assume. This could be the case if, for instance, Anglo's Standard&Poor's-adjusted funds from operations (FFO)
