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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 Negative
Moody's P-2 Baa2 Negative

* as at 22nd July 2014

Selected Financial Information

    2008 2009 2010 2011 2012 2013
Net debt/(cash)(1) US$m 11,340 11,280 7,384 1,374 8,510 10,652
Gearing(2) (%) 34.3 28.7 16.3 3.1 16.3 22.2
EBITDA(3) US$m 11,847 6,930 11,983 13,348 7,867 8,806
EBITDA margin(4) (%) 35.9 28.1 36.4 36.5 27.4 30.0
EBITDA net interest cover(5) x 28.3 27.4 42 n/a 52.1 51.5
Operating cashflow US$m 9,579 4,904 9,924 11,498 7,370 7,729
  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 operating profit before special items, operating re-measurements, depreciation and amortisation in subsidiaries and joint ventures and share of EBITDA of associates divided by revenue.
  5. EBITDA interest cover is EBITDA divided by net finance costs, excluding other net financial income, exchange gains and losses on monetary assets and liabilities, unwinding of discount relating to provisions and other non-current liabilities, financing special items and remeasurements, and including attributable share of associates’ net interest expense, which in 2011 results in a net finance income and therefore the ratio is not applicable.