Fortescue has scored another credit rating downgrade, this time from Moody’s Investor Services. Fortescue’s rating has been lowered one notch from Ba2 to Ba3 with a negative outlook. Moody’s began its review of Fortescue in late January amid widespread commodity price weakness and the downgrade is a result of Moody’s view of a downward shift in the iron ore market. The downturn is expected to be deeper and longer, not only for Fortescue but the whole of the global mining sector. Moody’s acknowledged Fortescue’s improved balance sheet ratios and described November’s debt repurchase offer as “credit positive” but the rating agency expects global conditions to weaken FMGs leverage ratios further.