TEXT-S&P revises Xstrata PLC outlook to negative;affirms ‘BBB+/A-2’

We expect the newly merged company’s business risk profile to be “strong,” as
our criteria define the term. Business risk will be supported by diverse
mining activities across several commodity groups–which we estimate will
contribute between 75% and 85% of total EBITDA–less cyclical and low
capital-intensive commodity trading activities contributing an estimated 15%
to 25% of EBITDA, and good cost positions. The combined company should also
benefit from strong growth, from both Gl