29 de abril de 2016 / 15:02 / hace 2 años

Fitch: Anglo American Deal Positive; Next Steps Will be Harder

(The following statement was released by the rating agency) LONDON, April 29 (Fitch) Anglo American's USD1.5bn sale of its niobium and phosphates assets is at a better price than Fitch Ratings had expected and is a positive step for the group's disposal programme. But these assets are among the group's most profitable, so further sales will be tougher to agree and are likely to be at a much lower multiple. The sale of the Brazilian assets to China Molybdenum is the first major step in Anglo American's disposal plans and accounts for around 30% of the sale proceeds that we have incorporated into our projections for the next three years. But several of the remaining non-core assets are either loss-making or only marginally profitable. It is clearly still a buyers' market due to the number of mining assets up for sale, and valuations for less competitive ones are likely to be significantly weaker. We therefore continue to expect further disposals to be at multiples of less than 4x EBITDA, in contrast to the roughly 10x multiple for the sale to China Molybdenum. We downgraded Anglo American to 'BB+'/Negative in February following the publication of information about its restructuring plan. Completion of the planned disposals, combined with debt reduction, could lead to the Outlook being revised to Stable. If the company were unable to complete its asset sales the current high leverage would be sustained for an extended period, which could lead to a further downgrade. Once the restructuring is complete, Anglo American will be focussed on just three commodities - diamonds, platinum and copper - and we will need to assess how the company's financial profile fits with the less diversified operational structure. But the group's reduced scale and diversification means that for it to return to an investment-grade rating we would need to see a more conservative leverage profile than we would have considered appropriate historically. Contact: Roma Patel Associate Director Corporates +44 20 3530 1465 Fitch Ratings Limited 30 North Colonnade London E14 5GN Ilya Makarov Director Corporates +7 495 956 6904 Simon Kennedy Director Fitch Wire +44 20 3530 1387 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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