Moody's warned on Friday it may cut mining giant BHP Billiton's credit rating due to the precipitous decline in iron ore and commodity prices.
The warning puts pressure on BHP's policy of progressive dividends, under which the company promises never to cut dividends, with investors fearing it will have to borrow heavily to fund the payout as the commodity downturn slashes earnings.
"The review for downgrade reflects Moody's expectation that weak commodity prices will persist for the next several years, significantly reducing BHP Billiton's earnings and cash flow generation," Matthew Moore, a Moody's Vice President and Senior Credit Officer, said in a note. The rating review will last between 60 to 90 days.
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