S&P Global Ratings has upgraded Fortescue Metals Group’s
(ASX:FMG) issuer credit rating to BB+, following the company’s recent debt repayments. However, the iron ore producer says this ratings upgrade will have no impact on its corporate debt capital structure.
Also, Fortescue’s first Very Large Ore Carrier (which is a category of bulk carriers) arrived in Port Hedland yesterday after its maiden voyage from China.
The ship, FMG Nicola, is the first of eight vessels worth $US556 million, which were commissioned by the company.
The seven other ships are currently being built in Chinese shipyards, and the final vessel is expected to be delivered in mid-2018.
Fortescue Metals reported a net profit of $1.3 billion at 30 June 2016.
