"In fact, (extra) debt restructuring is required under our new outlook (which is why) we move to underweight." Fortescue shares fell 21¢ to $4.33, the lowest close since September. The sell-off was partly because of the Morgan Stanley downgrade but also reflected the worsening iron ore sentiment. Iron ore futures suggested the spot price, at $US93.50 a tonne, was headed for further falls. Fortescue would not comment on the Morgan Stanley note but is expected to disagree with the analysts' assessment of the need for a debt restructure. The analysts said in their note they did not expect Fortescue to "accumulate sufficient cash to make the $US5 billion term loan debt repayment due in 2019" and questioned scope for more operational cost cuts.