International credit rating agency Standard & Poor’s has raised its long-term corporate credit rating on Rio Tinto (ASX: RIO) to A- from BBB+. At the same time, it affirmed the A-2 short-term corporate credit rating with a now stable outlook.

Prior to this upgrade, the resource giant's credit rating was assessed by S&P as BBB+ for long-term debt and A-2 for short-term debt, with a positive outlook.

Rio Tinto’s chief financial officer, Guy Elliott said “Standard & Poor’s decision to upgrade Rio Tinto’s credit rating acknowledges the financial strength of the Group.

"Rio Tinto has now regained single A status from all major international credit rating agencies, thus achieving a key corporate target," he said.

“We will retain a prudent balance sheet, which will allow us to continue to invest, as appropriate, in our first class growth projects and in other opportunities as they arise.”

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