Long-life asset base and large scale of operations. Exposure to the cyclical and capital-intensive mining industry. Most assets are located at the lower half of the global unit cash cost. Asset concentration in emerging markets, notably South Africa. Forecast of positive free operating cash flow in the next few years, supported by healthy commodity prices. Flexible dividend policy to accommodate lower cash flows during economic downturns. Strong liquidity, enabling repayment of its maturities without the need to tap the capital market over the short term. Substantial minority holdings leading to cash leakage when cash is upstreamed to the parent level. The positive outlook indicates a one-in-three probability that we could raise the ratings on Anglo American (Anglo) to 'BBB' from
