MELBOURNE (Standard&Poor's) Aug. 22, 2014--Standard&Poor's Ratings Services said today that it had raised its long-term corporate credit rating on Australia-based mining company Fortescue Metals Group Ltd. to 'BB+', from 'BB'. The outlook is stable. At the same time, we raised the senior secured debt rating to 'BBB', from 'BBB-', and the senior unsecured debt rating to 'BB' from 'BB-'. The recovery rating on the senior secured debt rating is affirmed at '1' and on the senior unsecured debt at '5'. "The upgrades reflect our view that Fortescue has substantially improved its credit profile with its debt reduction, successful production ramp-up to 155 million tons per annum (mtpa) in the June 2014 quarter, and improving credit metrics,"
