March 08, 2024 15:47 GMT
Anglo American (Baa2/BBB): Downgrade Reaction
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- No meaningful reaction to todays one notch downgrade from S&P. Spreads ~1 wider.
- Takes S&P into line with Moodys.
- AALLN already trades wide to the BBB index.
- However AALLN spreads do look tight to GLENLN (Baa1/BBB+) in the belly of the curve. The long looks more appropriately priced.
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