Metalloinvest, a leading global iron ore and hot briquetted iron (HBI) producer based in Russia, has announced that Fitch Ratings has upgraded the company's long-term Issuer Default Rating (IDR) from ‘BB-' to ‘BB' with a stable outlook.
According to the Fitch statement, the rating action reflects Metalloinvest's historically strong operational profile and incorporates the progress the company has made to improve the level of corporate governance.
At the same time, Fitch raised the senior unsecured foreign currency rating from 'BB-' to 'BB' (Eurobonds' rating).