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 Estimated improvement of all-in breakeven costs Sensitivity of earnings and cash flows to iron ore prices and foreign exchange rates Substantial repurchase of debt since July 2015, reducing gross debt and interest expense The negative outlook on Fortescue Metals Group Ltd. reflects the ongoing challenging market conditions that iron ore players are facing. Uncertain demand growth from China's steel industry and continued increase in low-cost seaborne iron ore supply contribute to market volatility. As such, Fortescue's credit metrics could fall below our current expectations if external pressures intensify and iron ore prices retreat to prices in the
