New Zealand Markets closed

S&P downgrades Rio outlook


A sharp jump in global miner Rio Tinto's debt has led to a downgrade in its credit outlook by ratings agency Standard & Poor's.

S&P downgraded the miner's outlook to negative from stable.

It affirmed Rio's A minus credit rating.

The company's reported gross debt of $26.7 billion at the end of calendar 2012 was up from $21.5 billion at the start, while cash flow had fallen, S&P said.