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Moody’s upgrades Metalloinvest rating to ‘Ba1’ with a stable outlook

Steel News - Published on Fri, 15 Mar 2019

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Metalloinvest announced that Moody’s Investors Service 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”.

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”.

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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