S&P affirmed Metalloinvest ‘BB’ long-term rating
February 25, 2016
Metalloinvest (“the Company”) announces that Standard & Poor’s Ratings Services (“S&P”) affirmed ‘BB’ long-term foreign- and local-currency ratings on the Company.
According to the published statement, S&P affirmed ‘BB’ ratings because the agency believes that the weaker Russian ruble and a favorable product mix will continue to benefit Metalloinvest’s performance metrics. The Company’s positive free operating cash flow generation, reduced capital expenditure, commitment to deleveraging contributed to the S&P decision.
The outlook remains Negative due to challenging market conditions and Company’s sensitivity to movements in iron ore prices, demand levels and foreign exchange rates.
Concurrently, S&P affirmed ‘BB’ issue rating on USD 1 bn senior unsecured notes due 2020.
Company — Metalloinvest