The ratings on global diversified mining group Anglo American PLC reflect its scale and scope of operations; strong market positions in attractive segments; focus on mining activities and more active growth strategy; strengthened profitability; and strong cash flows. These supportive factors are partially offset by a less conservative financial policy, with debt rising to fund quite significant capital expenditures and acquisitions; heightened execution risks on large projects; persistent industry cost pressures, capital intensity, cyclicality and price volatility; a weakening economic outlook in developed markets; and country risks from exposure to South Africa. Anglo reported strong results for the half-year to June 30, 2008. These show an EBITDA increase of 13% to $5.9 billion due mostly to higher average metals and
