January 02, 2019 | Cbonds
|Moody’s raised the corporate family rating of iron ore miner and pellet maker Ferrexpo (FXPO LN, FXPOLN) to B3 with a Stable outlook on Dec. 27 following its Dec. 21 sovereign upgrade.|
Ferrexpo is rated one notch above Ukraine’s sovereign level by Moody’s. Ferrexpo’s two other ratings are B/Stable by S&P (one notch above sovereign) and B+/Stable by Fitch (two notches above sovereign).
Dmytro Khoroshun: After Ferrexpo repays its USD 173 mln Eurobond outstanding on Apr. 7, 2019, which seems a certainty, the company will have no publicly traded debt. The company underlined to investors recently that, in order to minimize its refinancing risks, it intends to rely on amortizing bank credits rather than on bonds with bullet maturities. Therefore, we think that the rating hike will not impact the markets much.
|Full company name||Ferrexpo plc|
|Country of risk||Ukraine|
|Country of registration||United Kingdom|