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Concorde Capital Research: Moody’s upgrades MHP, Metinvest and Ferrexpo ratings to Caa1

August 31, 2017 | Cbonds

Moody's Investors Service upgraded the corporate family ratings of MHP (MHPSA), Metinvest (METINV) and Ferrexpo (FXPOLN) to Caa1, which is one notch above Ukraine’s sovereign rating, the agency reported on Aug. 29. The ratings were upgraded to the country issuer ceiling after it was increased on Aug. 25.

Moody's also upgraded to positive the rating outlook for Metinvest and MHP (from neutral), while retaining its neutral outlook for Ferrexpo, highlighting the latter’s refinancing risk amid large debts due in 2018-2019 (USD 485 mln).

Alexander Paraschiy: Moody’s action is in line with our view that Metinvest's risk profile is smaller than for Ferrexpo (refer to our note of Apr. 26), given the former’s better product diversification and more extended debt repayment schedule. This confirms our bullish view on Metinvest bonds, as well as neutral view on the bonds of MHP (which trade within the sovereign curve) and Ferrexpo.


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