Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that global ratings agency Standard & Poor’s (S&P) has affirmed the company’s ‘BB-’ long-term corporate credit rating, while the rating outlook remains positive.
S&P has simultaneously assigned a ‘BB-’ issue rating for the company’s eurobonds intended to be issued in the second quarter of 2013.
According to the S&P statement, the rating reflects that Metalloinvest’s leverage is in line with the current rating. The ongoing positive outlook is based on the expectation that Metalloinvest will continue to generate substantial cash flow and also on the company’s commitment to further improving corporate governance.