MELBOURNE (Standard&Poor's) Nov. 6, 2013--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 positive. At the same time, we raised the senior secured debt rating to 'BBB-', from 'BB+', and the senior unsecured debt rating to 'BB-' from 'B+'. The recovery rating on the senior secured debt rating is affirmed at '1' and senior unsecured debt '5'. "The upgrade reflects our view that Fortescue business risk profile has improved to "satisfactory" from "fair", with the company's continued increase in its production scale, reduction in its cost position, and diminishing project execution risks," said Standard&Poor's
