Aggressive financial risk profile with high leverage Limited diversity and single asset risk associated with key infrastructure Significant capital expenditure program expected over the medium term Refinance risk, concentrated debt maturity, and limited financial policies Relatively low-cost long-life iron ore producer, good ore quality, and low technical risk Steady state production of over 40 mtpa, buoyant market, and adequate liquidity being maintained The 'B' corporate credit rating on Australia-based Fortescue Metals Group Ltd. (Fortescue) reflects our view of Fortescue's profile as a relatively long-life, low-cost iron ore producer with low technical risk. The company owns iron ore mines and tenements in the Pilbara region of the state of Western Australia. The rating also reflects our expectation that Fortescue would be
