Morgan Stanley cuts Freeport-McMoRan rating

Saturday, December 20 2003 - 03:15 AM WIB

Rating company Morgan Stanley said on Friday it cut its rating on New Orleans-based mining giantFreeport-McMoRan Copper & Gold Inc. to "underweight" from "equal-weight".

The downgrade came after Freeport announced on Thursday that it would partly close areas affected by a rock slide last week at its Grasberg copper and gold mine in Papua province for several months and declared force majeur for its inability to fullfill contracts to customers. (alex).

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