MELBOURNE (Standard&Poor's) March 19, 2015—Standard&Poor's Ratings Services today said that it has affirmed its issue ratings on Fortescue Metals Group Ltd.'s (Fortescue) senior secured debt at 'BBB', following Fortescue's withdrawal of its proposed US$2.5 billion senior secured note offering. We also affirmed the issue rating on the company's senior unsecured debt at 'BB'. The withdrawal of the voluntary refinancing is due to unfavorable debt capital-market conditions. We note that Fortescue has no debt maturing until April 2017. At the same time, we removed both ratings on the debts issued by Fortescue's financing subsidiary FMG Resources (August 2006) Pty Ltd. from CreditWatch with negative implications, where they were placed on March 5, 2015. The recovery ratings remain
