S&P cuts BHP ratings, places Rio on watch negative

Ratings agency Standard & Poor's on Tuesday lowered the credit ratings of BHP Billiton Ltd and put it on negative watch, while it placed Rio Tinto (LSE: RIO.L - news) on watch negative, both actions due to challenging market conditions for commodities. The ratings agency cut BHP's debt to A from A-plus and said a further downgrade by one notch will depend on BHP's dividend policy and capital expenditure guidance due out this month. S&P also placed rival company Rio Tinto's A-minus rating