New York, January 27, 2016 -- Moody's Investors Service downgraded the senior unsecured ratings of Freeport-McMoRan Inc (FCX), and Freeport-McMoRan Oil & Gas LLC (FMOG) to B1 from Baa3. The rated debt instruments at FCX and FMOG are cross guaranteed by the respective holding companies. The ratings for Freeport Minerals Corporation were downgraded to Ba2 from Baa2. The rated debt instruments at Freeport Minerals Corporation (formerly Phelps Dodge) have a downstream guarantee from FCX. At the same time, Moody's assigned a B1 Corporate Family Rating (CFR), a B1-PD Probability of Default rating and an SGL-2 Speculative Grade Liquidity rating to FCX. The outlook is negative.

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