Glencore's Rating Cut at Moody's Though Outlook Seen Stable
- `Pricing environment in mining will remain unfavorable'
- Trading division will contribute `strongly' to profit: Moody's
Inside Moody's Glencore Credit Rating Cut
This article is for subscribers only.
Glencore Plc’s credit rating was cut to the lowest investment grade at Moody’s Investor Service, who said the commodities trader will likely be able to maintain the level even if conditions in metals market don’t improve for a long time.
Glencore was lowered to Baa3 and given a stable outlook at Moody’s. The ratings firm said it expects an average copper price of $2.15 a pound in 2016, about the same as the current level. The shares were up 0.4 percent to 81.17 pence as of 1:02 p.m. in London.