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
8,280.63
16:49 04/10/24
n/a
n/a
FTSE 350
4,570.17
17:14 04/10/24
n/a
n/a
FTSE All-Share
4,527.24
16:54 04/10/24
n/a
n/a
Glencore
433.10p
17:00 04/10/24
0.89%
3.80p
Mining
11,521.23
17:14 04/10/24
0.42%
48.51
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 --