Fortescue's record profit for fiscal 2014, reducing debt, successful ramp-up to a 155mtpa production run rate, and improving credit metrics have boosted the company's credit profile. As such, we have raised the corporate credit rating on the company to 'BB+', senior secured debt rating to 'BBB', and senior unsecured debt rating to 'BB'. The outlook is stable, reflecting our expectation that the company will be able to maintain a positive free operating cash flow and funds from operations (FFO) to adjusted net debt in the high 20% in the near-to-medium term. On Aug. 22, 2014, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Australia-based mining company Fortescue Metals Group Ltd. to 'BB+', from 'BB'. The outlook
