Aggressive growth strategy, as seen in its funding approach for its expansion Limited product diversity, making it sensitive to iron ore price volatility Limited geographic diversity Track record in commissioning large-scale projects Long-life reserve Improving size and scale, placing it as the fourth-largest iron ore producer globally The 'BB-' rating on Fortescue Metals Group Ltd. (Fortescue) reflects our view of the company's aggressive growth strategy, as seen in its funding approach for its expansion; limited product and geographic diversity; and exposure to volatile iron ore prices. These weaknesses are partly offset by Fortescue's relatively long-life reserve and improving iron ore production. The company also has a track record in commissioning large-scale projects within a relatively short time frame. In our
