Rating upgrade actions exceed downgrades for the major mining companies in 2017 YTD

By Carrie MacDonald | 20 March 2017

So far in 2017, 18 metals and mining companies have had their long-term credit ratings upgraded for a total of 20 actions by S&P Global Ratings and Moody's Investor Service, compared to 2016 when 17 companies experienced an increase for a total of 27 actions for the entire year. This boost in upgrades early in the year comes as S&P increased price assumptions for some commodities on Jan. 17. Copper, iron ore and zinc price assumptions were revised upward, while gold was revised downward and aluminum and nickel remained flat. In addition, efforts to reduce debt and control costs seem to have paid off for some miners in the eyes of the rating agencies.

2017 has started out with very few downgrades, with only three actions reported for three separate companies. In comparison, downgrades dominated 2016, with 51 companies experiencing a decrease in their credit rating, out of a total of 86 rating actions. It mimicked the previous year, when downgrades were also prominent versus other rating action types, as noted in a 2015 review.

For a summary of rating upgrades for the largest metals and mining companies, please complete the form and download the full report.


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