S&P rates Fortescue BB+

S&P said it assigned BB+ issue and 4 recovery ratings to FMG Resources (August 2006) Pty Ltd.'s planned senior unsecured $1.5 billion notes, split into $700 million and $800 million tranches of eight years and 10 years, respectively.

The parent company and guarantor, Fortescue Metals Group Ltd. plans to use the proceeds of the 10-year notes, designated green notes, to fund the company's decarbonization ambitions, including projects related to renewable energy production and storage and clean transportation. Proceeds from the eight-year tranche are slated for general corporate purposes.

The outlook is stable.

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