Moody affirms Baa2 rating on Norilsk Nickel with stable outlook

Thursday, 08 Oct 2009

OJSC MMC Norilsk Nickel is pleased to announce that Moody's Investors Service affirmed its 'Baa2' rating on the company following a review of its current operating performance and recent business developments. The outlook remains stable.

According to Moody’s, MMC Norilsk Nickel continues to generate free cash flow enabling it to meet its business targets and debt service requirements in the current turbulent economic environment. Cost cutting initiatives proved to be efficient and strengthened the company's leading market positions.

Mr Dmitry Kostoev CFO of MMC Norilsk Nickel noted that the company's priorities include ongoing control over expenses and adequate capital investments to ensure assets modernization. The company's financial policy envisages maintenance of optimal debt structure to finance capital expenditures while keeping investment grade credit rating.