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Concorde Capital Research: Ferrexpo credit rating raised by Moody’s to B3/Stable

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.

Company: Ferrexpo

Full company nameFerrexpo plc
Country of riskUkraine
Country of registrationUnited Kingdom
IndustryFerrous metals


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