Metalloinvest (the "Company"), a leading manufacturer and supplier of iron ore products and hot briquetted iron in the global market, one of the regional producers of high-quality steel, announces an increase by the international rating agency Standard & Poor's Ratings Services (“S&P”) of its corporate the rating of the Company to “BBB-” with a stable outlook from “BB +” /positive.
According to the published S&P report, the upgrade reflects the Company's commitment to conservative financial policies and strong credit metrics, supported by regular debt reduction, as well as a competitive cost position.
At the same time, S&P upgraded from “BB +” to “BBB-” the rating of Eurobonds issued by Metalloinvest Finance D.A.C.
Alexey Voronov, Deputy CEO for Finance and Economics of the Company, commented: “We are pleased that the strong credit metrics of Metalloinvest, systematic debt reduction and adherence to the current financial policy are reflected in the assignment of a credit rating to the Company at“ BBB- ”by the international agency S&P. This level corresponds to the sovereign rating of Russia and the ratings of the leading public companies in the sector, assigned by the S&P. After Fitch upgraded the Company's rating to 'BBB-' in June this year, Metalloinvest has a composite investment grade credit rating, being the only Russian private company in the metals and mining industry to have such a rating.