Standard&Poor's Ratings Services' ratings on Glencore International PLC and Glencore International AG, together the Glencore group, reflect the credit quality of the U.K.-listed and Switzerland-based commodities trading group prior to its merger with Swiss mining group Xstrata PLC (BBB+/Negative/A-2). They also reflect our expectation that after the merger the combined group, of which Glencore International PLC will be the ultimate holding company, will also have our 'BBB' rating. In addition, both Xstrata and Glencore International AG will be core subsidiaries of Glencore International PLC. We therefore expect to equalize their ratings with the parent once the merger is completed. Following shareholder approval and European Commission clearance of the transaction, we estimate that the probability of the deal going
