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.