Source: Mining Weekly                     Date: 21 April, 2011

International credit rating agency Standard & Poor’s has raised its long-term corporate credit rating on diversified giant Rio Tinto to A- from BBB+. At the same time, it affirmed the A-2 short-term corporate credit rating, indicating that the outlook for Rio Tinto was now stable. Prior to this upgrade, Rio Tinto’s credit rating was assessed by S&P as BBB+ for long-term debt and A-2 for short-term debt, with a positive outlook.

Rio Tinto’s CFO Guy Elliott said the decision to upgrade Rio’s credit rating acknowledged the financial strength of the group. “Rio Tinto has now regained single A status from all major international credit rating agencies, thus achieving a key corporate target. We will retain a prudent balance sheet, which will allow us to continue to invest, as appropriate, in our first-class growth projects and in other opportunities as they arise,” Mr. Elliot said.