S/P UPGRADES PHELPS DODGE <PD> DEBT, PREFERRED
Standard and Poor's Corp said it
upgraded Phelps Dodge Corp's senior debt to BB-plus from BB and
preference stock to BB-minus from B-plus.
    About 400 mln dlrs of debt and preference stock is
outstanding.
    Continuing cost cutting in its copper operations has
significantly enhanced the firm's competitive position, S and P
said. It added that the acquisition of Columbian Chemical Co
has broadened Phelps Dodge's earnings base.
 Reuter
