International credit rating agency Standard and Poor’s (S&P) has announced that it has revised its iron ore price forecasts downward given the slower global growth, stating that it expects this will reflect to the ratings of related companies.
The rating agency has lowered its iron ore price forecast for 2015 and 2016 to $65/mt from $85/mt.
In a separate announcement, S&P has revised the outlook on Ukraine-based iron ore pellet producer Ferrexpo to negative from stable. According to the rating agency, Ferrexpo, which suffered only minor operational disruptions over the last year, could face growing pressure as Ukraine's country risk increases.