Moody's: Fortescue Metals Group's first half performance is credit positive
Sydney, February 22, 2017-- Moody's Investors Service says today that Fortescue Metals Group Ltd's first-half results for the six-month period ended 31 December 2016 are credit positive, but in line with Moody's expectations. As such, there is no immediate impact on Fortescue's ratings or stable outlook, including Fortescue's Ba1 Corporate Family Rating, and FMG Resources Pty Ltd's Baa3 senior secured and Ba2 senior unsecured debt ratings. "IMPORTANT NOTICE: MOODY'S RATINGS...Fortescue Metals Group is an iron ore producer. As of June 30 2016, Co.'s operations had four mine sites in the Pilbara. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges and the Solomon Hub, in the Hamersley Ranges, includes the Firetail and Kings Valley mines. Co. owns and operates an integrated supply chain including its Herb Elliott Port in Port Hedland and a heavy haul railway with over 620km of track. As of June 30 2016, Co.'s total hematite ore proved and probable reserves were 2.17 billion tonnes. Also, as of June 30 2016, Co.'s total magnetite ore proved and probable reserves were 705.0 million tonnes.
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