Moody’s upgrades Metalloinvest rating to ‘Ba1’ with a stable outlook
14 March 2019
Metalloinvest (“the Company”) today announces that Moody’s Investors Service (“Moody’s”) has upgraded the Company’s corporate rating to “Ba1” with a stable outlook from “Ba2”/Positive.
According to Moody's statement, Metalloinvest's rating upgrade to “Ba1” reflects the Company’s deleveraging, sustainable positive free cash flow, healthy liquidity, proactive debt portfolio management and improved corporate governance.
Moody’s analysts highlighted that the Company has a strong position in the iron ore product market due to its low production costs, robust profitability, high share of value-added products (pellets and HBI), exceptional iron ore reserves with a ferrous content of up to 70% in iron ore concentrate, integration in the steel business, diversified customer base, long-term debt maturity profile and a conservative liquidity management.
At the same time, Moody's has upgraded the senior unsecured ratings assigned to the notes issued by Metalloinvest Finance D.A.C. to “Ba1” from “Ba2”.
Alexey Voronov, Finance Director of Management Company Metalloinvest, commented:
“In 2018, Moody's was the first agency to revise the outlook on Metalloinvest’s rating to positive from stable. This action reflected certain improvements in the Company’s operational and financial results, as well as progress on corporate governance. We appreciate Moody's prompt response to the Company’s positive results, which this year resulted in the upgrade of Metalloinvest’s rating to “Ba1”.
Following S&P’s rating upgrade of Metalloinvest to “BB+” with a stable outlook in February 2019, the Company’s ratings are now at one notch from the investment grade level, according to the assessment of two international credit agencies”.
Director of Investor Relations & Corporate Ratings Department
Tel.: +7 (495) 981-55-55
For more information, please contact the Investor Relations Department: