Issuer Ranking: European Metals And Mining Companies, Strongest to Weakest Apr 07
Standard & Poors, April 2007
Abstract
Credit quality in the European metals and mining sector remains broadly stable. Improvements driven by supportive market conditions in recent years have been factored into the ratings. Issuers are deploying their enhanced financial flexibility toward a mixture of higher capital expenditures, shareholder friendly initiatives, and heightened M&A activity. Against this backdrop, event risks (especially M&A) remain high within the portfolio. The table below ranks all of the rated companies in this sector from strongest to weakest, based on rating and outlook. Companies with the same rating and outlook are further ranked by our opinion of comparative credit quality, which, for speculative-grade companies, is based primarily on financial risks. Corporate business risk profiles are categorized as excellent, strong, satisfactory, weak, or...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Rio Tinto PLC
- Corus Group PLC
- SSAB AB
- Glencore International AG
- SGL Carbon SE
- Alrosa OJSC
- ArcelorMittal
- ThyssenKrupp AG
- OAO Magnitogorsk Metallurgical Kombinat
- Anglo American PLC
- Eco-Bat Technologies Ltd.
- Xstrata PLC
- OAO Severstal
- MMC Norilsk Nickel OJSC
- OAO TMK
- Eregli Demir ve Celik Fabrikalari T.A.S.
- NLMK OJSC
- Evraz Group S.A.
- Sual International Ltd.
- JSC Azovstal Iron and Steel Works
- Pipe Acquisition Ltd.
- The New Reclamation Group Pty Ltd.
- Zlomrex S.A.
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