Metalloinvest (the “Company”) announces an increase by the international rating agency Fitch Ratings (“Fitch”) of the corporate rating of the Company to “BB +” with a stable outlook from “BB” /positive.
According to the agency's published report, the upgrade of Metalloinvest's rating reflects the Company's strong operating profile with a strategic focus on high value-added products, competitive cost position, significant liquidity, growth in financial performance, and takes into account the progress made by the Company in raising the level of corporate management.
At the same time, Fitch upgraded the ratings of Eurobonds issued by Metalloinvest Finance D.A.C. to “BB +” from “BB”.
Alexey Voronov, Chief Financial Officer of the Company, commented: “We welcome the agency's decision to raise Metalloinvest's rating to a level one notch from the investment grade. Thus, Fitch is the third international rating agency to upgrade Metalloinvest's rating to BB + /Ba1 since the beginning of 2019 ”.
