...MELBOURNE (S&P Global Ratings) March 2, 2018--S&P Global Ratings today said that it had assigned its '##+' rating with a recovery rating of '4' on FMG Resources (August 2006) Pty Ltd.'s new senior unsecured notes. We also raised the long-term issue credit rating on the company's existing senior unsecured notes due 2022 and 2024 to '##+', from '##'. At the same time, we revised the recovery rating on the existing notes to '4' from '5'. FMG Resources (August 2006) Pty Ltd. is a wholly-owned financing vehicle of Fortescue Metals Group Ltd. (##+/Stable). In our opinion, Fortescue's gradual shift from secured to unsecured debt should improve the recovery prospects of the company's unsecured notes in the event of a hypothetical default. As such, the ratings on the outstanding unsecured notes and new unsecured issuance are now equal to the '##+' corporate credit rating on Fortescue. These rating actions follow Fortescue's successful refinancing of its US$2.16 billion senior secured notes due in...
