The ratings on U.K.-based mining group Anglo American PLC (Anglo) reflect its above-average business profile as a global mining and natural resource group and its conservative financial profile. As the world's second-largest mining group--behind BHP Billiton PLC (A+/Stable/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 dependence on South Africa in recent years by pursuing an expansion strategy in Europe, Australia, and South America. In financial year ended Dec. 31, 2004, the proportion of the group's EBIT generated from South Africa dropped to 29% from 55% in 2002 as Anglo continues to expand elsewhere, and the negative impact of the strong
