Anglo American (Baa2 Pos/BBB CW Neg/BBB+) S&P moves to CW Neg

Puts it on Credit-Watch Neg (downgraded it to BBB only in March). Recognises unch financial policy for "net debt to EBITDA of 1.5x at the bottom of cycle, and a dividend payout of about 40%" but wants to wait out portfolio restructuring & how shaving in EBITDA will be managed - i.e. co has committed to using proceeds from business sales to deleveraging, extent of which seems to be uncertain S&P adding "we aim to resolve the CreditWatch in the next few quarters, as the company starts executing its strategy, and adjusting its balance sheet. In our view, a sale of its steelmaking coal business and an agreement with its partners at De Beers will be major milestones in our evaluation of the rating."

https://disclosure.spglobal.com/ratings/en/regulat...