(Reuters) - "Although the former 'BB' corporate credit rating on Freeport gave consideration to a near-term equity offering, the amount raised to be applied toward debt reduction far exceeded our original expectations," S&P said in a statement.
S&P raised Freeport's corporate credit rating one notch and its senior unsecured debt two notches, both to "BB-plus," one level below investment grade. They had been rated "BB," and "BB-minus," respectively.
Read more at Reuters.com Bonds News
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