Freeport-McMoRan Copper & Gold (NYSE:FCX) had its debt rating upgraded by Fitch Ratings, with its issuer default rating being raised from "BBB-" to "BBB."
Fitch based its upgrade on the reduction of debt, elimination of preferred shares, and the increased outlook for the generation of cash flow by the company.
Freeport is a major producer of gold and the largest publicly traded copper company.
The debt ratings increase included Freeport's subsidiary Phelps Dodge Corp. Fitch sees the debt ratings outlook for Freeport as remaining stable.
Freeport closed Tuesday at $97.66, gaining $1.42, or 1.48 percent.
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