Moody’s cuts mining giant BHP’s rating

SYDNEY: BHP Billiton’s credit rating has been cut by Moody’s as the industry battles weak commodity prices and softer demand, just a month after Standard & Poor’s also downgraded the global mining giant.

The Anglo-Australian firm last month reported a first-half net loss of $5.67 billion and slashed dividends amid the income slump hitting miners on the back of a global economic slowdown, led by China.