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Glencore outlines impact of any credit ratings downgrade

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 6 (Reuters) - Commodity group Glencore (Amsterdam: GX8.AS - news) on Tuesday outlined the impact of a possible credit downgrade on its debt profile.

Swiss-based Glencore (Xetra: A1JAGV - news) said in a statement that in the event of rating downgrade, the ratings' grid in its $6.8 billion five-year revolving credit facility would provide only a "modest" additional margin step-up.

Glencore also said it had $4.5 billion of bonds outstanding, where a margin step-up of 125 basis points would apply if they were rated sub-investment grade by agencies. (Reporting by Eric Onstad, editing by Louise Heavens)