The ratings on U.K.-based Anglo American PLC reflect its above-average business profile as a global mining and natural resources group and its conservative financial profile. As the world's second-largest mining group--behind BHP Billiton PLC (A/Positive/A-1)--Anglo benefits from very strong market positions in a large number of capital-intensive and cyclical extractive industries including platinum, diamonds, gold, and coal. The group has reduced its dependency on South Africa in recent years by pursuing an expansion strategy in Europe, Australia, and South America. In financial year-ended June 30, 2003, the proportion of the group's EBIT generated from South Africa dropped to 36% from 65% in 2001 as Anglo continues to expand elsewhere (for example, with the acquisition of the large Disputada copper deposit
