Fortescue reported a record operating performance in the June 2013 quarter with significant improvement in production and cash operating costs. Benchmark iron ore prices have held up reasonably well in the fiscal second-half ended June 30, 2013, compared to the first-half ended Dec. 31, 2012. Fortescue is on track to complete its 155mtpa expansion. As such, we believe that the negative pressure on the company has diminished. Accordingly, we revised the outlook to stable from negative, and affirmed the ratings on Fortescue. On July 31, 2013, Standard&Poor's Ratings Services revised the outlook on its 'BB-' long-term rating on Australia-based mining company Fortescue Metals Group Ltd. to stable from negative. At the same time, we affirmed the 'BB-' corporate
