...SYDNEY (S&P Global Ratings) April 3, 2019--S&P Global Ratings today said that Fortescue Metals Group Ltd.'s (##+/Stable/--) proposed US$2.6 billion Iron Bridge magnetite project will improve the company's product diversity and increase its scale. The issuer credit rating on the Australia-based mining company (##+/Stable/--) is not affected by the proposed project. The project will add 22 million wet tons per annum of higher grade 67% iron (Fe) ore content by mid-2022. In addition, we consider the project could expand Fortescue's product offering within its current portfolio, which is primarily focused on 58% Fe ore content. Although specific funding arrangements have yet to be determined, Fortescue expects to fund its share of the capital costs through a combination of specific project debt facilities and operating cash flow. At this stage, we envisage that Fortescue's proportionate share of project debt will be consolidated to the parent entity, and would include it in our calculation...
