Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that international rating agency Fitch Ratings has affirmed its long-term credit rating as ‘BB-'. The outlook for the long-term ratings is stable.
According to the Fitch statement, the rating affirmation reflects Metalloinvest's strong operational profile including the second largest iron ore reserves globally and the first quartile cost position for both iron ore pellets and hot briquetted iron.
In 2011, the company posted a record-high $9.9 billion of sales and $3.8 billion of EBITDA with a 38 percent EBITDA margin back at pre-crisis levels. Metalloinvest's gross indebtedness increased by $1.45 billion in 2011 but credit metrics remained at sound levels for the rating level.