Fortescue’s rating upgraded after debt reduction

Ratings agency Moody’s Investors Service on Friday upgraded the outlook of Australian iron-ore company Fortescue Metals’ corporate family rating to stable and affirmed the rating at Ba3. According to a Fortescue statement, Moody’s said that the company’s recent efforts to reduce its debt had lowered its breakeven costs and created a substantial buffer to maintain leverage metrics at adequate level for the miner’s rating, even under the lower iron-ore price scenarios.