Moody's said it does not expect Anglo American to generate enough operating cash flows to deliver substantial organic debt reduction in the next two years. "Pending further announcements by the company, the rating agency believes that divestments of non-core assets would be difficult to execute in the current environment, particularly at valuations to allow deleveraging from the current level," Moody's said in a statement. It added that the negative outlook reflected uncertainty that Anglo would be able to execute its restructuring.