Ratings agency S&P Global has upgraded the credit rating of iron ore exporter Fortescue Metals one notch to 'BB+', after the company announced it will be making a further $US1 billion ($A1.4 billion) repayment of its debt this month.
"We consider the additional debt repayment has strengthened the company's resilience to iron ore price pressure," S&P said while confirming its stable outlook on Fortescue's ratings.
Fortescue has exploited a rebound in iron ore prices this year to quickly reduce its massive debt pile to below $US6 billion.
Rival ratings agency Moody's had raised Fortescue's rating to 'Ba2' in August, in the wake of its record dividend payout and rise in full year profit.
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