BLBG: S&P raises outlook on miner Freeport-McMoRan
NEW YORK
Standard & Poor's Ratings Services said Thursday that an expectation of high copper and gold prices could lead it to raise ratings on mining operator Freeport-McMoRan Copper & Gold Inc.
S&P said it put the company on credit watch with "positive" implications.
Freeport is one of the world's biggest copper, gold, and molybdenum miners, with operations stretching from North America to Indonesia.
S&P gives it a corporate credit rating of "BBB-minus," an investment-grade rating. The agency said it expects copper and gold prices to stay high enough to support a higher rating. Analyst Marie Shmaruk said the company should be financially conservative enough to offset the risks of operating in the countries where it does, and of volatile commodity prices.
Shares of the Phoenix-based company rose 42 cents to $49.80 in afternoon trading.
