Perth-based Fortescue Metals’ efforts to reduce its debt have won it an improved credit rating from ratings agency Moody’s, which this week upgraded the iron-ore miner’s corporate family rating to Ba2 from Ba3, while the senior unsecured and senior secured ratings were upgraded to B1 and Ba1 from B2 and Ba2, respectively.
“The upgrade to Fortescue’s ratings reflects the considerable progress that the company made in reducing its debt levels in fiscal 2016 and Moody’s expectation that it will continue to reduce debt further in fiscal 2017,” Moody’s VP and senior credit officer Matthew Moore said in a statement.
