MELBOURNE (Standard&Poor's) Sept. 28, 2012—Standard&Poor's Ratings Services said today that it had affirmed its 'BB-' corporate credit rating on Australia-based mining company Fortescue Metals Group Ltd. The rating outlook is negative. We have also lowered the issue rating on Fortescue's senior unsecured debt to 'B+' from 'BB-', and the recovery rating to '5' from '4'. At the same time, we have removed all ratings from CreditWatch with negative implications, where they were placed on Sept. 12, 2012. The downgrade on the senior unsecured debt reflects the prior ranking of the senior secured debt in our recovery analysis. With the recent refinancing of its bank debt, Fortescue has removed the financial covenants that had been expected to
