The 'B' corporate credit rating on Australia-based Fortescue Metals Group Ltd. (Fortescue) reflects our view of Fortescue's profile as a relatively long-life, low-cost iron ore producer with low technical risk. The company owns iron ore mines and tenements in the Pilbara region of the state of Western Australia. The rating also reflects our expectation that Fortescue would be able to maintain and improve the current production run rate of over 40 million tonnes per annum (mtpa) at its mines, with enough liquidity built up to support the company's current expansion to 55 mtpa and any potential expansion beyond that level. The steady state production and the current level of iron ore prices that are supported by market dynamics would, in
