Moody’s places Rio Tinto ratings under review
Nov 26, 2008 | 12:50 PM
| Tom Jennemann
Moody's Investors Service has placed Rio Tinto's A3 senior unsecured ratings under review for possible downgrade.
The ratings agency affirmed the Prime-2 short-term rating of rated entities within Rio Tinto and changed the short-term rating outlook to "stable" from "developing."
"The review reflects Moody's expectation that Rio Tinto's mid-term performance is likely to be adversely impacted by negative market conditions for key metals such as copper and aluminum, together with production and grade challenges at certain copper operations," Moody's said. "In addition, given the slowdown in global steel production, greater uncertainty exists with respect to mid-term volumes and prices in iron ore, an important business segment. The company's high level of debt....
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