Large scale and diversified commodity portfolio. Defensive cost positions in major industrial operations. Participation in cyclical and capital-intensive mining industry. Profitable and comparatively less cyclical trading activities. Significant gross and adjusted debt. High working capital funding needs of trading operations. Investment is forecast to reduce. Positive free operation cash flow (FOCF) in coming years supporting Glencore's deleveraging profile. The negative outlook reflects our estimates that the operating environment and price realizations could result in Standard&Poor's-adjusted funds from operations (FFO) to debt remaining below the 23%-28% range that we see as commensurate with the current rating, for a year or more. We note that the company's decisive announcements have reduced the risk of a downgrade. We factor in our
