Australian shares to open weaker; Wall Street dips; $A steady above US71c; Bitcoin pulls back; trade data ahead; oil and gas up; follow updates here.
P said it cut its rating on BHP Group to “A-“, from “A” after the completion of the Woodside Petroleum merger because of a slightly less robust financial profile than its immediate peers, Rio Tinto and Glencore.
“With the divestment complete, we still assess BHP’s business risk profile as strong, though we now view it as slightly less robust than the portfolios of its immediate peers, Rio Tinto and Glencore,” SP said. “This is mainly due to the reduced diversification and meaningful reliance in the coming years on its iron ore division.”P also said BHP’s existing pipeline is “unlikely to trigger a fundamental change in its portfolio.
“Aside from the copper production increase by 2024, the volumes of iron ore and coal will likely remain almost unchanged. Even when we extend our time horizon until 2030--when we expect increased production of nickel and the introduction of potash --we don’t see a different conclusion.”P said its now “stable outlook on BHP reflects our view of limited downside prospects for the rating over the coming 12-24 months”.
BHP said in February it planned to reduce its net debt target to between $5 billion and $15 billion, from $12 billion to $17 billion.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: ASX to slip as Wall St stumbles, GDP data in focusAustralian shares are set to open lower amid renewed selling in New York. Bitcoin briefly topped $US32,000. First-quarter GDP tops agenda. Follow updates here.
Read more »
ASX LIVE: ASX to slip as Wall St stumbles, GDP data in focusBREAKING: The Australian economy grows 0.8 per cent in the March quarter and 3.3 per cent over the year. ASX opens higher. Origin withdraws guidance. Follow updates here.
Read more »
ASX LIVE: ASX to slip as Wall St stumbles, GDP data in focusAustralian shares are set to open lower amid renewed selling in New York. Bitcoin briefly topped $US32,000. First-quarter GDP tops agenda. Follow updates here.
Read more »
ASX to open flat, Wall St struggles for directionAustralian shares are set to open flat as US stocks wavered after last week’s rally. Bitcoin tops $US32,000. US 10-year yield rises.
Read more »
ASX to slide, Wall St slumps anew on rate outlookAustralian shares are set to open lower with a renewed focus on the potential for much higher interest rates denting US equities. Bitcoin drops.
Read more »
ASX LIVE: Australian shares to open weaker; Wall Street dips; $A steady above US71c; Bitcoin pulls back; trade data ahead; oil and gas up; follow updates here.Australian shares are set to fall to start the session, taking direction from New York. $A steady. Bitcoin pulls back. Trade data ahead. Follow updates here.
Read more »