Limited product and geographic diversity Exposure to volatile iron ore prices Long-life assets Track record of commissioning large-scale projects within a relatively short time frame and within budget Aggressive growth plans High debt levels incurred to fund growth Improving cost structure as projects ramp up The negative outlook on Fortescue Metals Group Ltd. reflects our view that the company will realize weaker-than-expected credit metrics during the fiscal year ending June 30, 2013 because of lower and more volatile prices during the first half of the year. It also takes into consideration that these metrics are likely be subpar for our expectations for the 'BB-' rating and that iron ore prices will continue to be volatile and decline over time as
