S&P comments on Freeport-McMoRan Copper & Gold

Standard & Poor's Ratings Services said on Wednesday that Freeport-McMoRan Copper & Gold Inc.'s (B/Stable/--) announcement of improved results for the third-quarter will have no impact on its ratings or outlook on the company.

Ratings on Freeport are limited by the sovereign credit rating on the Republic of Indonesia, as the operating risks in Indonesia remain considerable.

Freeport posted net income of $61.5 million for the quarter, a substantial increase from $4.2 million a year earlier due to its mining of higher-grade ore that it began accessing late in the second quarter and higher realized bi-product gold prices, which contributed to record-low production costs and are likely to continue for the next few quarters. (*)