Standard&Poor's has revised its price assumptions for iron ore because of our expectation of a severe supply and demand imbalance in the next two years. We expect Fortescue to have materially lower earnings and weaker credit metrics due to lower iron ore prices. As a result, we have lowered the corporate credit rating on the company to 'BB' from 'BB+', and its senior secured debt to 'BBB-' from 'BBB', and senior unsecured debt to 'BB-' from 'BB'. The negative outlook reflects the ongoing weak market conditions and the company's sensitivity to iron ore prices and foreign exchange movement. On April 22, 2015, Standard&Poor's Ratings Services lowered its corporate credit rating on Fortescue Metals Group Ltd. to
