"Xstrata, another takeover target, firmed 107p to £35 amid speculation that Brazilian suitor Vale has secured a $50bn line of credit from 12 banks to fund a possible bid. Traders also suggested that credit rating agencies Standard & Poor's and Moody's have agreed that Vale could acquire Xstrata without having the its credit rating downgraded."
http://www.telegraph.co.uk/money/main.jhtml;?xml=/money/2008/01/26/cxmktrep126.xml