PHELPS DODGE <PD> MAY BE UPGRADED BY MOODY'S
Moody's Investors Service Inc said it
may upgrade the ratings on Phelps Dodge Corp's 545 mln dlrs of
debt securities.
    The agency cited Phelps Dodge's progress in restoring
profitability in a difficult environment for the copper
industry. Moody's said it will study the company's prospects
for continued improvements in debt protection measurements. It
noted that copper prices recently increased.
    Under review for possible upgrade are Phelps Dodge's Ba-1
sinking fund debentures and industrial revenue bonds and Ba-2
convertible exchangeable preference shares.
 Reuter
