The ratings on global diversified mining group Anglo American PLC (Anglo) reflect Standard&Poor's Ratings Services' view of Anglo's global scale and scope of operations, with its portfolio of generally low-cost, high-quality assets across a range of metals and minerals. Furthermore, we believe that the group has a focused business strategy and is taking corrective measures to cut costs and conserve cash, to partly mitigate the impact of the industry downturn. Metals and minerals prices are rebounding strongly in some commodities, and we anticipate that volumes will also pick up in 2010. If sustained, we believe that higher prices and volumes will mean higher profitability and cash flows for Anglo in 2010 compared with 2009. However, the mining sector
