Moody’s changes MMK’s Ba3 rating outlook to positive

Wednesday, 28 July 2010 12:04:10 (GMT+2)

The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has announced that the international ratings agency Moody's Investors Service has changed the outlook for its Ba3 corporate family rating and the outlook on its Aa3.ru national scale rating to ‘positive' from ‘stable'.

Accordingly, this rating action reflects the fact that, in spite of negative global conditions for steel producers in 2009, MMK demonstrated stable financial results as evidenced by modest leverage and sound profitability. Overall, MMK's recent financial results indicate improving profitability and a sound liquidity profile. MMK has continued to follow a conservative financial policy.

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