Home Credit Ratings and Research S&P Global Ratings’ Credit Research Glencore Xstrata PLC

Summary: Glencore Xstrata PLC

Published Apr 25, 2014

2169 words — Published Apr 25, 2014

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Abstract:

The stable outlook reflects our expectation that Glencore Xstrata should be able to maintain a Standard&Poor's-adjusted ratio of funds from operations (FFO) to debt comfortably within the 23%-28% range that we see as commensurate with the current rating. The disposal of Las Bambas copper project in Peru that should be closed in 2014 has increased the previously limited rating headroom, and the rating could now accommodate some bolt-on acquisitions such as Caracal Energy Inc. The stable outlook also factors in our expectation of positive free operating cash flow (FOCF) in 2014, rising in 2015, as capital expenditure (capex) falls and EBITDA is boosted by additional production. We might lower the rating on Glencore Xstrata if commodity prices fell

Brief Excerpt:

RESEARCH Summary: Glencore Xstrata PLC Publication date: 25-Apr-2014 Primary Credit Analyst: Andrey Nikolaev, CFA, Paris (33) 1-4420-7329; andrey.nikolaev@standardandpoors.com Secondary Contact: Elad Jelasko, CPA, London (44) 20-7176-7013;...

Report Type:

Summary

Issuer

Glencore Xstrata PLC

Sector

Global Issuers

Region

Europe, Middle East, Africa

Format:

HTML

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Glencore Xstrata PLC" Apr 25, 2014. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Glencore-Xstrata-PLC-1303966>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Glencore Xstrata PLC Apr 25, 2014. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Glencore-Xstrata-PLC-1303966>

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