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Fortescue gets credit rating upgrade

AAP logoAAP 23/08/2016

Ratings agency Moody's has upgraded the credit rating of Andrew Forrest's Fortescue Metals' in the wake of its record dividend payout and rise in full year profit announced this week.

Moody's upgraded Fortescue's corporate family rating to Ba2 from Ba3, giving it an improved rating of its ability to repay short term debt.

"While Moody's expects iron ore prices to remain volatile with risk to the downside, Fortescue's initiatives to reduce cost and debt levels and the prospects for further debt reduction improves its ability to manage this volatility, while maintaining solid metrics for the rating," said Moody's vice president Matthew Moore.

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