FREEPORT MCMORAN <FTX> DEBT AFFIRMED BY S/P
Standard and Poor's Corp said it
affirmed Freeport McMoRan Inc's 265 mln dlrs BB-minus
subordinated debt. The implied senior debt rating is BB-plus.
    S and P cited a decline in debt leverage to a pro forma 50
pct from 66 pct at year-end 1986.  Equity and gas and oil
property sales reduced debt incurred in acquiring Petro-Lewis
Corp, American Royalty Trust and Agrico Chemical Co.
    The doubling of oil and gas reserves from a year earlier 
and synergies between the firm's agricultural operations and
Agrico strengthen its competitive position, but a rise in
financial risk slows the improvement, S and P pointed out.
 Reuter
