Rio Tinto Ltd (ASX:RIO) has announced that international credit ratings agency Standard & Poor's has raised its long-term corporate credit rating on the global mining giant to A-, from BBB+.
Standard & Poor's has also reaffirmed its A-2 short-term corporate credit rating with a stable outlook.
Chief financial officer Guy Elliott says the move acknowledges the financial strength of the company adding that, Rio has achieved a key corporate target through regaining single A status from all major international credit rating agencies.
Mr Elliott says Rio will retain a prudent balance sheet which will allow it to continue to invest as appropriate.
In the 2010 financial year Rio Tinto recorded a net profit of $14.9 billion.
