Improving size and scale, making it the world's fourth-largest iron ore producer Competitive cost position and long reserve life Limited product diversity and high exposure to China's iron ore demand Sensitivity of earnings and cash flows to iron ore prices "Aggressive" financial risk profile due to high absolute debt levels Reduced refinancing risk with no debt maturities until 2019 The negative outlook on Fortescue Metals Group Ltd. reflects the challenging market conditions facing iron ore players. It also reflects the risks that Fortescue's credit metrics could fall below our current expectations if there is any misstep in reducing its cash production cost or there is any unfavorable foreign exchange movement. We could lower the rating if Fortescue's funds from operations
