S&P downgrades Glencore´s long-term debt rating

The "very challenging" outlook for the price of copper and other metals and the resulting heightened volatility in Glencore´s earnings requires a more cautious approach by investors towards the company´s debt and financial leverage, Standard&Poor´s said.

As a result, the ratings agency lowered its rating on the commodity trader´s long-term debt from BBB to BBB-.

However, S&P kept a 'stable' outlook on the firm´s debt rating, as its free cash flow generation and strong liquidity meant downside risks should be limited.

As of 13:22GMT shares in Glencore were trading up by 5.58% 90.75p.

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