Standard and Poors Corp said it affirmed Freeport McMoRan Incs 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 firms agricultural operations and Agrico strengthen its competitive position but a rise in financial risk slows the improvement S and P pointed out.
FREEPORT MCMORAN <FTX> DEBT AFFIRMED BY S/P