S&P puts BHP, RIO, FMG on negative watch

Ratings agency Standard and Poor's has signalled credit rating downgrades for BHP Billiton, Rio Tinto and Fortescue Metals just days after Treasurer Joe Hockey predicted iron ore prices could hit $US35-a-tonne. S&P placed eight iron ore miners on a negative credit watch after drastically revising its three-year price predictions for the steel-making commodity. The agency now expects a 2015 price of $US45-a-tonne (down from $US65), a 2016 price of $US50 (down from $US65) and a 2017 price of $US55 (down from $US70). (VIEW LINK)