Moody's was upbeat after Freeport McMoRan's (FCX +5%) big acquisitions even as its share price...

|By:, SA News Editor

Moody's was upbeat after Freeport McMoRan's (FCX +5%) big acquisitions even as its share price was pummeled, cutting its outlook to stable from positive but keeping its rating at Baa3, three notches above junk. FCX has more than enough capacity to handle the interest expense despite the added debt, and the Plains addition will boost short-term EBITDA and cash flow, the ratings firm says.