MELBOURNE (Standard&Poor's) March 9, 2012--Standard&Poor's Ratings Services today said that it had raised its corporate credit rating and senior unsecured debt ratings on Australia-based mining company Fortescue Metals Group Ltd. to 'BB-', from 'B+'. The outlook is stable. The recovery rating is affirmed at '4'. "The upgrade is based on Fortescue's improving financial profile, which is in line for the 'BB-' rating," Standard&Poor's credit analyst May Zhong said. "Fortescue reported record interim earnings and volume of ore shipped in the first-half ended Dec. 31, 2011. Furthermore, we believe Fortescue is on track to achieving a production run rate of 95 million tons per annum (mtpa) in the next 12 months." However, Fortescue's aggressive growth
