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.

FTSE 100

8,060.61

15:45 15/11/24

n/a

FTSE 350

4,453.56

15:45 15/11/24

n/a

FTSE All-Share

4,411.85

15:45 15/11/24

n/a

Glencore

378.00p

15:45 15/11/24

0.88%

3.30p

Mining

10,633.77

15:45 15/11/24

1.51%

158.40

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.

-- More to follow --