Glencore Xstrata plc -- Moody's: Las Bambas disposal could test prudence of Glencore Xstrata's financial policy

London, 07 April 2014 -- According to Moody's Investors Service, Glencore Xstrata's (Baa2 stable) (we continue to assign the issuer rating to the main sub-holding Glencore International AG, but our analysis encompasses the entire group, including the ultimate listed parent Glencore Xstrata plc) keeping the Las Bambas asset could enhance the company's long-term growth prospects but is likely to leave limited headroom within the current Baa2 rating. In a report published today, Moody's considered the potential credit implications if (1) Las Bambas is sold and the proceeds equally split between debt reduction, shareholder remuneration and a cash buffer for future growth; (2) the sale falls through and Glencore Xstrata keeps Las Bambas; or (3) Las Bambas is sold and Glencore Xstrata distributes the proceeds to shareholders.

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