S&P ups Freeport-McMoRan

Standard & Poor's said that it upgraded Freeport-McMoRan Copper & Gold Inc.'s corporate credit rating and senior unsecured debt ratings to BBB from BBB- and removed all ratings from CreditWatch, where they had been placed with positive implications on June 2.

The outlook is stable.

The company is currently benefiting from strong commodity prices, the agency said.

The upgrade reflects the expectation that copper and gold prices over the next couple of years should remain high enough to support Freeport's financial metrics at levels consistent with a modest financial risk profile, the agency added.

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