Our rating bias in Metals & Mining globally remains mildly positive in mid-2022, with about 80% stable outlooks and positive outlooks outnumbering negative outlooks 2:1. This confirms a slowing improvement in credit quality, but only if financial performance holds in a few cases. At the same time, our outlook bias could begin shifting negative if cash is consumed for multi-year capex or even shareholder returns, leaving little ratio buffer for normal downside profit volatility.