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MOODY'S RAISES RATINGS ON MAGMA'S COPPER ISSUES; ASSIGNS DEBT RATING TO SHELF

 MOODY'S RAISES RATINGS ON MAGMA'S COPPER ISSUES;
 ASSIGNS DEBT RATING TO SHELF
 TUCSON, Ariz., Dec. 5 /PRNewswire/ -- Magma Copper Company (AMEX: MCU) announced today that Moody's Investor Service has raised the ratings on both of Magma's public subordinated debt issues.
 According to Moody's, the rating actions reflect "the substantial progress that Magma has made in the last several years in lowering its costs." The rating agency also indicated that Magma "has improved its potential reserve base via a strategic acquisition (Robinson), while also reducing debt levels."
 The rating on Magma's Copper Interest-Indexed Senior Subordinated Notes, which total $210 million, was raised from "B1" to "Ba3". These notes are currently listed on the American Stock Exchange under the symbol "MCUC".
 The company's Subordinated Reset Debentures, which total $100 million, were raised from "B2" to "B1" by the rating agency. These are traded under the symbol "MCUD".
 As previously announced, Magma's existing debt was recently upgraded by Standard & Poor's Corp. to "BB-".
 Magma, one of the largest primary copper producers in the United States, produces high-quality copper cathode and rod for sale to customers worldwide. Magma has operations in San Manuel, Miami, Superior, and Humboldt, Ariz. and Ely, Nev. Corporate headquarters are in Tucson.
 -0- 12/5/91
 /CONTACT: Richard P. Johnson of Magma Copper, 602-575-5670/
 (MCU MCUC MCUD) CO: Magma Copper Co. ST: Arizona IN: MNG SU: RTG


SE -- SD006 -- 9824 12/05/91 16:31 EST
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Publication:PR Newswire
Date:Dec 5, 1991
Words:236
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