Standard & Poor's Ratings Services has revised Rio Tinto's outlook to negative, from stable, due to continued commodity price weakness and volatility and its dividend distribution commitment.
But it has kept the diversified miner's long and short-term corporate credit ratings at A-/A-2.
"The outlook revision reflects our view that the continued weakness and volatility in commodity prices - resulting from heightened uncertainty on demand from China and, in particular, its challenged steel industry - could weaken Rio Tinto's key credit metrics ...," S&P said in its statement.
"Moreover, we consider that the company's commitment to maintain its current dividend policy somewhat reduces its financial flexibility. Still, we think that Rio Tinto could further cut operating expenses and capital expenditures."
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