...The ratings reflect Freeport-McMoRan Inc.'s (FCX) high-quality assets, strong liquidity and improved capital structure. While Fitch Ratings expects FFO-adjusted leverage to be above 5.0x in 2019 as the Grasberg deposit transitions to underground mining, substantial cash on hand will allow development capital spending and debt repayment through the transition. Fitch expects FFO leverage in 2020 to be below 3.5x and below 3.0x thereafter. The Outlook was revised to Stable from Negative as a result of the resolution of FCX's ownership, economic interests and long-term operation of the Grasberg deposit in Indonesia....
