Rio Tinto gets credit upgrade

Standards and Poor have lifted Rio Tinto’s credit rating to A- from BBB+.

The credit rating firm also affirmed the A-2 short term corporate credit rating, giving the miner a stable outlook.

Before S&P upgraded Rio’s rating, it stood at BBB+ for long term debt and A-2 for short term debt, with a positive outlook.

Rio Tinto chief financial officer Guy Elliot stated that “Standard and Poor’s decision to upgrade our credit rating acknowledges the financial strength of the group.”

This comes as S&P has notified the US Government that it may downgrade the nation from its current AAA credit rating.

Rio Tinto currently has a market cap of 163.66 billion with share prices sitting at just over $80 as of this morning.

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