S&P upgrades Fortescue outlook

Ratings agency lifts outlook on improving production volume and reducing costs.

Ratings agency Standard & Poor's has upgraded its outlook on Fortescue Metals Group Ltd because of its improving production volume, reducing cash production costs and forecast low capital expenditure.

The agency revised the outlook on Fortescue's BB- long-term rating to stable from negative, saying it expects the company's weak credit metrics will recover in fiscal 2014.

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