Glencore’s Deeper Debt Cuts Spurring Optimism on Credit RatingBy
CEO Glasenberg revised debt target to $18 billion last week
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…
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