INVESTORS

Debt investors

Our credit rating

Rating agency	Long-term rating	Short-term rating	Outlook
Standard & Poor's	BBB+	A-2	Stable
Moody's	A3	P-2	Stable

Notes are issued on a pari passu basis, applying a cross guarantee structure introduced at the time of the Xstrata acquisition (see Moody’s and S&P reports dated 7 May 2013 and 19 June 2013, respectively).
Glencore Group bonds (issued by Glencore Funding LLC, Glencore Finance (Europe) Limited, Glencore Capital Finance DAC and Glencore Australia Holdings Pty Ltd) have guarantees from Glencore plc, Glencore International AG and Glencore (Schweiz) AG (previously Xstrata (Schweiz) AG).
Following the Xstrata acquisition, legacy Xstrata bonds (issued by Xstrata Finance (Canada) Limited, Xstrata Canada Financial Corp, Xstrata Canada Corporation and Xstrata Finance (Dubai) Limited) also now have guarantees from Glencore plc and Glencore International AG, implemented by way of supplemental indentures.