BHP Billiton Ltd. Dec 11

Standard & Poors, December 2011

Abstract
Excellent market position Substantial portfolio diversification, with long-life reserves Low-cost, competitive operating profile Conservative financial policies Solid project pipeline Exposure to volatile commodity prices Measured exposure to higher-risk emerging markets The ratings on diversified resources company BHP Billiton (incorporating BHP Billiton Ltd. and BHP Billiton PLC) reflect our view of the Australia-based company's excellent market position, substantial portfolio diversification, low-cost operations, conservative financial policies, and solid project pipeline. Partly offsetting these are the company's exposure to volatile commodity prices and some exposure to higher-risk emerging markets. BHP Billiton is the world's largest diversified resources company, based on sales turnover and market capitalization. BHP Billiton reported record financial results in year ended June 30, 2011. The company's revenue increased by 35.9%...

Companies mentioned in this report are: BHP Billiton Ltd.,BHP Billiton Marine & General Insurances Pty Ltd.,Minera Escondida Ltda.,BHP Billiton PLC,BHP Billiton Nickel West Pty Ltd.,Stein Insurance Co. Ltd.,Petrohawk Energy Corp.
Action: Review

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: Full Analysis

BHP Billiton Ltd.,BHP Billiton Marine & General Insurances Pty Ltd.,Minera Escondida Ltda.,BHP Billiton PLC,BHP Billiton Nickel West Pty Ltd.,Stein Insurance Co. Ltd.,Petrohawk Energy Corp.

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