Chief executive Mark Cutifani said: "We're taking decisive action to sustainably improve our cash flows and materially reduce net debt, while focusing on our most competitive assets." Meanwhile, rating agency Moody's downgraded the senior unsecured ratings of Anglo American and its subsidiaries to (P)Ba3 from (P)Baa3. Moody's said: "Today's downgrade of AAL's ratings to Ba3 from Baa3 primarily reflects Moody's assessment that the company now faces a higher business risk due to deterioration in commodity market conditions and a longer and more uncertain deleveraging period than previously expected."