Rio Tinto plc -- Moody's says Rio Tinto's 1st Half Performance In Line with Expectations

New York, August 07, 2015 -- Moody's Investors Service comments that Rio Tinto's (A3, Stable) performance for the six months to June 30, 2015 was in line with expectations given lower iron ore and other commodity prices. The company's ability to continue to reduce costs and the low cost nature of its operating assets provide Rio more flexibility to absorb lower prices and still generate acceptable albeit significantly reduced returns. Additionally, Rio continues to maintain a sizeable cash position ($11.2 billion at June 30, 2015) despite dividends paid and share repurchases during the first half of 2015 ($3.2 billion). However, the continued downward pressure on iron ore and commodity prices is likely to result in a weaker performance in the second half of the year.

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