"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 downgraded Anglo American to (P) Ba3 from (P) Baa3, and said the outlook on the ratings was negative. The Service added that it does not expect the company to generate enough operating cash flows to deliver substantial organic debt reduction over the next two years. Anglo American announced in December 2015 that it would sell 60% of its assets and cut tens of thousands of jobs to cope with the slump currently being experienced in the sector.