Moody’s, S&P downgrade Rio Tinto ratings
Dec 18, 2008 | 10:34 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. ....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.