DBRS Removes BHP Billiton Ratings From Under Review – Negative After Company Drops Potash Corporation Bid

DBRS has today removed the Under Review with Negative Implications status and returned the trends to Stable on the AA (low) and R-1 (middle) ratings of BHP Billiton Ltd. and BHP Billiton plc (collectively, BHP Billiton or the Company) following the Company’s announcement that it has withdrawn its offer to acquire all of the issued and outstanding common shares of Potash Corporation of Saskatchewan Inc. (Potash Corp.). DBRS placed the Company’s ratings Under Review – Negative on August 19, 2010, when BHP Billiton indicated that its $130 per share offer would be financed by cash resources and up to $45 billion in short- to medium-term credit facilities. Now that BHP Billiton has dropped the bid, the risk of significantly increased leverage has been removed and thus, DBRS is removing the Company’s ratings from the Under Review – Negative status even though the Company indicates it intends reactivate the remaining $4.2 billion component of its previously suspended $13.0 billion buyback program.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Mining, which can be found on our website under Methodologies.