Risk-to-Price Commentary: BHP Billiton Finance Ltd.

Standard & Poors, April 2011

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.

Abstract
On April 10, European Central Bank (ECB) president Jean-Claude Trichet said in a speech that the ECB monetary policy is still "accommodative," after the bank raised the benchmark rate from 1% to 1.25%. Although inflation is still a concern, markets are expecting the recovery to continue. Some European investors who believe that economic recovery will persist or even develop faster than the market is currently pricing, may want to look into the typically highly cyclical subsectors, such as metals and mining. The Valuation and Risk Strategies (VRS) research team looked at European metals and mining performance relative to the S&P Europe 350 Index. Although the subsector outperformed the broader index by 2% over one year, it has lagged behind the...

Companies mentioned in this report are: Norsk Hydro ASA,ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.,Anglo American Capital PLC,ArcelorMittal Finance,Xstrata Finance (Canada) Ltd.

Norsk Hydro ASA,ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.,Anglo American Capital PLC,ArcelorMittal Finance,Xstrata Finance (Canada) Ltd.

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