CAPITAL MARKETS

S&P cuts Rio's ratings

STANDARD & Poor’s Ratings Services says it has lowered the long and short-term corporate credit ratings on embattled mining heavyweight Rio Tinto from BBB+/A-2 to BBB/A-3 as a result of Rio’s substantial debt position and the sharp downturn in commodity markets.

MiningNews.Net
S&P cuts Rio's ratings

"The downgrade reflects our expectations that profits, cash flows and leverage will be too weak for the previous BBB+ rating, due to a sharp downturn in global economic conditions and the commodity cycle,"...

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