Global miner Anglo American Plc's credit rating was downgraded to junk by Standard & Poor's on Thursday, making it the third agency to do so this week.
S&P downgraded its ratings to 'BB/B' from 'BBB-/A-3', citing the prolonged downturn in commodity prices and negative free cash flows at many of the company's mines, but said the outlook on the rating was "stable".
A slump in the prices of commodities such as coal, copper, and iron ore forced Anglo American to announce significant asset sales on Tuesday.
Moody's Investors Service and Fitch Ratings also cut their ratings on the company's debt to junk earlier this week.
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