Dagong assigns BBB+ rating to Metalloinvest
November 2, 2015
Metalloinvest has received a long-term issuer credit rating in domestic and foreign currencies of BBB+ with a Stable outlook from Dagong Global Credit Rating Co., Ltd (“Dagong”), a Chinese credit rating agency.
Pavel Mitrofanov, Deputy CEO – CFO of Metalloinvest, commented:
“We are glad to announce the expansion of our co-operation with Chinese partners. Metalloinvest is the first Russian non-state company which published the Dagong's rating. The Dagong team undertook a comprehensive analysis of all aspects of Metalloinvest’s business and visited our facilities, which allowed them to assess the quality of the Company’s assets and its prudent financial policy. We place great value on the professional appraisal provided by Dagong’s experts in relation to the Company’s credit quality and financial stability. We believe this partnership will serve as a solid basis to further develop our collaboration with Chinese banks and investment funds.”
In the press release issued by Dagong, the agency’s analysts noted that due to its diversified financing channels, Metalloinvest’s ability to obtain external financing has not suffered from Western sanctions on Russia. The agency expects that the Company’s wealth creation capability will improve as a result of increases in the value of the Russian rouble, the optimisation of Metalloinvest’s products portfolio and stringent cost control. Dagong believes that Metalloinvest has various sources of debt repayment to guarantee debt and interest payments.
Company — Metalloinvest