Dec
17
Glencore’s Deeper Debt Cuts Spurring Optimism on Credit Rating
By-
CEO Glasenberg revised debt target to $18 billion last week
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Union Investment says Glencore should retain investment grade
Glencore Plc’s aggressive approach to shrinking the industry’s biggest debt pile is fueling optimism the trader and miner can retain its investment-grade credit rating amid the worst commodities rout in seven years.
To head off concern that an existing $10 billion debt-reduction plan wasn’t cutting deep enough, the company last week said it’s targeting net debt of as low as $18 billion by the end of 2016, down from $30 billion in June. Credit-default swaps insuring Glencore’s debt for five years fell the past three days…
Glencore’s Deeper Debt Cuts Spurring Optimism on Credit Rating
