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 19 March 2012
Credit ratios
| | | 2007 | 2008 | 2009 | 2010 | 2011 |
|---|
| Net debt/(cash)(1) |
US$m |
4,851 |
11,340 |
11,280 |
7,384 |
1,374 |
|---|
| Gearing(2) |
(%) |
16.6 |
34.3 |
28.7 |
16.3 |
3.1 |
|---|
| EBITDA(3) |
US$m |
12,132 |
11,847 |
6,930 |
11,983 |
13,348 |
|---|
| EBITDA margin(4) |
(%) |
34 |
35.9 |
28.1 |
36.4 |
36.5 |
|---|
| EBITDA net interest cover(5) |
x |
42.0 |
28.3 |
27.4 |
42 |
n/a |
|---|
| Operating cashflow |
US$m |
9,845 |
9,579 |
4,904 |
9,924 |
11,498 |
|---|
- 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 is operating profit before special items and remeasurements, depreciation and amortisation in subsidiaries and joint ventures and includes attributable share of EBITDA of associates.
- 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.