By Stephen Nakrosis

S&P Global Ratings on Monday lifted the ratings of copper producer Freeport-McMoRan from BB+ to BBB-, into investment-grade territory.

S&P expects Freeport-McMoRan will see its debt leverage remain low with strong earnings before interest, taxes, depreciation and amortization. Solid credit ratios should persist this year and beyond, with robust earnings and moderate debt usage, S&P said.

The ratings agency said the long-term demand outlook for copper is good. "Prices did not fall as much as most other metals in recent swings, and they rebounded from downturns faster than most," S&P said.

S&P said its outlook on the copper producer is stable, reflecting its expectation Freeport-McMoRan's debt leverage will remain low.

Shares of the company hovered near 52-week highs in Monday's trading, closing at $52.04.

Write to Stephen Nakrosis at

(END) Dow Jones Newswires

05-13-24 1817ET