S and P mulls Glencore rating rise

Ratings agency Standard & Poor\'s said on Wednesday it would likely raise its rating on commodities giant Glencore if its proposed merger with mining company Xstrata goes ahead. Glencore\'s BBB long-term status is under review following the $61.9 billion deal announced on Tuesday, S&P said in a statement. \"If and when Xstrata shareholders approve the merger and antitrust authorities give their green light, we expect to assign a \'BBB+\' rating to the enlarged entity,\" it said. The decision will however depend on further assessment of the joint group\'s capital spending plans and strategy. Xstrata already has a BBB+ rating. The merger of the two Swiss-based groups would create a company with revenues of about $209 billion and put it among the world\'s top mining groups, behind BHP Billiton, Vale and Rio Tinto.