Glencore Drops to Record Low as Goldman Flags Credit Concern
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Glencore Xstrata Plc's headquarters in Baar, Switzerland.
Photographer: Gianluca Colla/BloombergThis article is for subscribers only.
Glencore Plc fell to a record low as Goldman Sachs Group Inc. said the company’s recent steps to reduce debt and bolster its balance sheet are inadequate.
"Investors are not yet convinced that Glencore has gone far enough to totally allay fears that the industrial assets can service the new lower debt level," Goldman Sachs analysts including Eugene King, said in a report Thursday. "Recent underperformance suggests that the measures exercised are insufficient and more is needed."