Moody’s shifts Freeport-McMoRan view to negative

Moody’s Investors Service said it changed the outlook to negative from stable and affirmed Freeport-McMoRan Inc.’s Ba1 corporate family rating, Ba1-PD probability of default rating and its Ba1 senior unsecured note ratings.

Moody’s also affirmed the Baa2 rating for Freeport Minerals Corp.’s guaranteed senior unsecured notes. The speculative grade liquidity rating remains SGL-1.

“The negative outlook captures the duration of uncertainties caused by the impact of the coronavirus,” said Carol Cowan, a Moody’s senior vice president and lead analyst for Freeport McMoRan, in a press release.

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