Metalloinvest (the "Company"), a leading manufacturer and supplier of iron ore products and hot briquetted iron in the world market, one of the regional producers of high-quality steel, announces that the international rating agency Fitch Ratings ("Fitch") has upgraded the Company's corporate rating to “BBB-” with a stable outlook from “BB +” /stable.
According to the published Fitch report, the upgrade reflects the Company's strong financial results, adherence to a more conservative financial policy, debt repayment, strong operating profile and competitive cost position.
Alexey Voronov, Deputy CEO for Finance and Economics of the Company, commented: “We are pleased that Fitch recognizes the Company's consistent work to improve corporate governance practices, adherence to current financial policies and strong credit metrics. The investment grade of the rating is a great achievement that the Company has been able to achieve over 10 years of presence in the international capital markets since the debut issue of Eurobonds in 2011.
