MELBOURNE (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its'BB+'long-term issue rating and recovery rating of'4'to six-year senior unsecured notes that Fortescue Treasury Pty Ltd. proposes to issue. The company is a wholly owned financing subsidiary of Fortescue Ltd, which will provide a unconditional and irrevocable guarantee. The proposed notes will rank equally with the existing senior unsecured notes of Fortescue (BB+/Stable/--). The Australia-based iron ore miner will issue the proposed notes on the same terms and conditions. It plans to use the proceeds for general corporate purposes. The recovery rating on the proposed notes reflects our expectation of average recovery prospects (rounded estimate: 40%) under our hypothetical default scenario occurring in 2031 due
