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Moody’s Upgrades MMK to 'Baa2'; Outlook Stable

Steel News - Published on Fri, 15 Feb 2019

Image Source: The Hindu
PJSC Magnitogorsk Iron & Steel Works announced that on February 12th, 2019 Moody’s rating agency upgraded MMK’s Issuer Rating to 'Baa2' from 'Baa3' with Stable Outlook. This action followed a sovereign rating action on the government of Russia which took place on 8 February 2019 when Moody's upgraded Russia's long-term issuer and senior unsecured debt ratings to Baa3 from Ba1 and changed the outlook on these ratings from positive to stable.

Moody’s stated in its press release that the upgrade of Russia's ratings reflects the positive impact of policies enacted in recent years to strengthen Russia's already robust public finance and external metrics and reduce the country's vulnerability to external shocks including fresh sanctions.

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Posted By : Rabi Wangkhem on Fri, 15 Feb 2019
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