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It noted before Christmas that iron ore and copper prices had fallen from all-time highs in 2021 amid uncertainty about Chinese growth.
However, many metals were being supported by supply interruptions.
"Rising demand for most mining commodities has created robust conditions for producers and explorers," S&P primary credit analyst Minh Hoang said.
S&P noted miners with poor environmental, social and governance practices would find it increasingly challenging to access capital.
Hoang said the biggest risks for miners in 2022 were China's decarbonisation measures, which could impact demand, a further slowdown and a lapse in financial discipline.
"Resurgent pandemic risks pose a key threat to demand, while any change in environmental-related production controls in China could affect the profitability of its steel industry and the demand for commodities," he said.
