Moody's lifts Freeport senior unsecured, cuts loan

Moody's Investors Service said it upgraded the senior unsecured debt of Freeport-McMoRan Copper & Gold to Baa3 from Ba2.

At the same time, Moody's said it downgraded the ratings on the company's $1.5 billion in bank revolving credit facilities to Baa2 from Baa1.

The agency said that Freeport's Ba1 corporate family rating and probability of default rating and its SGL-1 speculative-grade liquidity rating were withdrawn while the Baa2 rating on Freeport-McMoRan Corp.'s (formerly Phelps Dodge Corp.) guaranteed senior unsecured notes was affirmed.

This concludes the review for possible upgrade initiated June 29.

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