Moody’s, S&P downgrade Rio Tinto ratings
Dec 18, 2008 | 06:43 AM
| Tom Jennemann
Moody's Investors Service and Standard & Poor's Ratings Services (S&P) have both downgraded Rio Tinto on debt concerns.
Moody's Investors Service downgraded the senior unsecured ratings of entities within the Rio Tinto Group, London, including Rio Tinto Alcan, to 'Baa1' from 'A3.' The senior unsecured rating outlook remains "negative," which means that the rating could be lowered again within two years.
"The downgrade captures the heightened degree of financial risk arising from the significant level of debt following the Alcan (Inc.) acquisition in late 2007 and the limited progress in reducing debt through expected asset sales of $10 billion in 2008," Moody's said. ....
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