Fortescue's New US$2.3 Billion Secured Notes Rated 'BB+'; Existing Secured Debt Lowered To 'BB+', Unsecured Debt To 'B+' - S&P Global Ratings’ Credit Research

Fortescue's New US$2.3 Billion Secured Notes Rated 'BB+'; Existing Secured Debt Lowered To 'BB+', Unsecured Debt To 'B+'

Fortescue's New US$2.3 Billion Secured Notes Rated 'BB+'; Existing Secured Debt Lowered To 'BB+', Unsecured Debt To 'B+' - S&P Global Ratings’ Credit Research
Fortescue's New US$2.3 Billion Secured Notes Rated 'BB+'; Existing Secured Debt Lowered To 'BB+', Unsecured Debt To 'B+'
Published Apr 22, 2015
Published Apr 22, 2015
Price US$ 150.00  |  Buy this Report Now

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Abstract:

MELBOURNE (Standard&Poor's) April 23, 2015--Standard&Poor's Ratings Services said today that it had assigned its 'BB+' rating to Fortescue Metals Group Ltd.'s new US$2.3 billion, senior secured, debt issue. At the same time, we lowered the ratings on the company's senior secured debt to 'BB+' from 'BBB-', and on the senior unsecured debt to 'B+' from 'BB-'. The recovery rating on the secured debt has also been lowered to '2L' from '1', and on the unsecured debt to '6' from '5L'. The downgrades on Fortescue's debt issue ratings follow the company's refinancing of some of its senior unsecured debt with new US$2.3 billion senior secured notes. Under the refinancing proposal, Fortescue will use the proceeds from the

  
Report Type:

Ratings Action

Ticker
FMG@AU
Issuer
Fortescue Metals Group Ltd.
GICS
Steel (15104050)
Sector
Global Issuers
Country
Australia
Region
Pacific
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Fortescue's New US$2.3 Billion Secured Notes Rated 'BB+'; Existing Secured Debt Lowered To 'BB+', Unsecured Debt To 'B+'" Apr 22, 2015. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Fortescue-s-New-US-2-3-Billion-Secured-Notes-Rated-BB-Existing-Secured-Debt-Lowered-To-BB-Unsecured-Debt-To-B-1395353>
  
APA:
S&P Global Ratings’ Credit Research. (). Fortescue's New US$2.3 Billion Secured Notes Rated 'BB+'; Existing Secured Debt Lowered To 'BB+', Unsecured Debt To 'B+' Apr 22, 2015. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Fortescue-s-New-US-2-3-Billion-Secured-Notes-Rated-BB-Existing-Secured-Debt-Lowered-To-BB-Unsecured-Debt-To-B-1395353>
  
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