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 |
- Net debt includes related hedges and net debt in disposal
groups.
- Gearing is calculated as net debt (including related hedges)
divided by total capital
- EBITDA is operating profit before special items, operating
remeasurements, depreciation and amortisation in subsidiaries and
joint ventures and share of EBITDA of associates.
- EBITDA margin is calculated as EBITDA divided by revenue
(including associates).
- 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.