Fortescue has further reduced its absolute debt levels, which has strengthened the company's resilience to periods of iron ore price weakness and operating stress. As a result, we are raising the issuer credit rating on the company to 'BB+' from 'BB'. At the same time, we are raising the senior secured rating to 'BBB-' from 'BB+', and the senior unsecured issue ratings to 'BB-', from 'B+'. The outlook is stable, reflecting our expectation that Fortescue will operate within its financial policy and maintain its growth strategy in line with the rating level. On Dec. 19, 2016, S&P Global Ratings raised the issuer credit rating on Australia-based mining company Fortescue Metals Group Ltd. (Fortescue) to 'BB+' from 'BB'. The outlook on
