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Concorde Capital Research: Metinvest rating upgraded to B3/Stable by Moody’s

January 02, 2019 | Cbonds

The corporate family credit rating of Ukraine's largest steelmaker Metinvest (METINV) was upgraded by Moody’s to B3/Stable on Dec. 27 following its Dec. 21 sovereign upgrade.

Moody’s assessment of Metinvest’s rating factors is consistent with a Baa category rating, but the ratings are constrained by the holding’s exposure to the operating environment in Ukraine, volatile prices of steel and raw materials, as well as limited potential for growth of Ukraine’s domestic steel market, the rating agency said. Nevertheless, Moody’s rated Metinvest one notch above Ukraine’s sovereign issuer level.

Metinvest’s two other long-term credit ratings are from S&P – a B-/Stable grade that was initiated on Jan. 12, 2018 and which is the same as Ukraine’s – and from Fitch, which offered a B/Positive assessment, one notch above Ukraine’s sovereign that was raised from RD on Apr. 6, 2017.

Dmytro Khoroshun: Metinvest enjoyed strong profitability (monthly EBITDA above USD 200 mln) for more than a year now, but we expect a substantial EBITDA drop in the coming months due to the recent decrease in Ukraine’s export steel prices. Nevertheless, we agree with Moody’s that the company’s B3 rating has a significant cushion with respect to its financial indicators and should not be affected by a moderate market downturn.

Company: Metinvest

Full company nameMetinvest B.V.
Country of riskUkraine
Country of registrationNetherlands
IndustryFerrous metals


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