Fortescue Metals Group Limited
(ASX:FMG) has had its BB- corporate credit and issue ratings placed on CreditWatch with negative implications by Standard & Poor's (S&P).
The ratings agency says that due to sharp declines in iron ore prices it expects Fortescue to generate lower than expected cash flows.
The iron ore miner’s primary lender, Bank of America Merrill Lynch is reportedly looking for partners on a $US1.5 billion loan.
Fortescue increased its net profit to $1.5 billion in the 2012 financial year.
