Credit ratings and ratios

Credit ratings

Anglo American’s current credit ratings are shown in the table below.

Credit ratings* Short term Long term Outlook
       
Standard and Poor’s A-2 BBB+ Stable
Moody's P-2 Baa1 Stable

* as at 18 April 2011

Credit ratios

    2006 2007 2008 2009 2010
Net debt/(cash)(1) US$m 3,131 4,851 11,340 11,280 7,384
Gearing(2) (%) 10.3 16.6 34.3 28.7 16.3
EBITDA(3) US$m 12,197 12,132 11,847 6,930 11,983
EBITDA margin(4) (%) 31.6 34 35.9 28.1 36.4
EBITDA net interest cover(5) x 45.5 42.0 28.3 27.4 42
Operating cashflow US$m 10,057 9,845 9,579 4,904 9,924
  1. Net debt includes related hedges and net debt in disposal groups.
  2. Gearing is calculated as net debt (including related hedges) divided by total capital
  3. EBITDA is operating profit before special items, operating remeasurements, depreciation and amortisation in subsidiaries and joint ventures and share of EBITDA of associates.
  4. EBITDA margin is calculated as EBITDA divided by revenue (including associates).
  5. EBITDA net interest cover is calculated as EBITDA divided by net finance costs, excluding other net financial income, exchange losses and gains on monetary assets and liabilities, amortisation of discounts on provisions, special items and financial remeasurements, including share of associates' net interest expense.