TEXT-S&P comments on Phelps Dodge

Newswire

(Press release provided by Standard & Poor's) NEW YORK, June 10 - Standard & Poor's said today that Phelps Dodge Corp.'s (BBB-/Negative/A-3) announcement that it had raised $400 million by issuing common equity and $194 million from mandatorily convertible preferred stock will have no affect on its current ratings or outlook on the company. Proceeds from the offerings will be applied toward debt reduction. Although the offering will aid the company in restoring its very weak ...

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