Freeport downgraded 4 steps to junk by Moody's

Toronto

FREEPORT-MCMORAN Inc's credit rating was lowered four levels to junk status by Moody's Investors Service as a collapse in copper and crude prices weakens the company's finances and inhibits its ability to sell more assets.

Moody's cut the producer's senior unsecured credit ratings to B1 from Baa3, the lowest investment grade, it said on Wednesday in a statement. Freeport's bonds tumbled.