Financial Times FT.com

Glencore considers debt buy-back

By Javier Blas, Commodities Correspondent

Published: December 16 2008 12:05 | Last updated: December 16 2008 12:05

Glencore aims to buy back some of its bonds to boost confidence in the creditworthiness of the world’s largest commodities trader after the cost of insuring its debt against default rose to high levels.

The news came after the Switzerland-based trader saw its long-term credit rating downgraded one notch to triple B minus, or the lowest investment grade level, by Standard & Poor’s, the rating agency.

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