International credit ratings agency Fitch Ratings has announced that it has upgraded Russian steel producer Magnitogorsk Iron and Steel Works’ (MMK) long-term credit rating to 'BBB-' from 'BB+' with a stable outlook.
Fitch stated that the rating upgrade reflects MMK's substantial deleveraging and Fitch's view that the company's financial profile will remain conservative, with projected leverage comfortably within the new rating guidance over the rating horizon. MMK's rating also reflects its strong position in the Russian market (70-75 percent of sales), as a supplier of a wide range of high value-added steel products.