International credit ratings agency Fitch Ratings has announced that it has upgraded the long-term credit rating of Ukrainian mining and steel producing group Metinvest to 'B' from 'restricted default' (RD). The outlook of the company is stable.
Fitch stated that the upgrade to Metinvest’s rating reflects the enhanced financial flexibility resulting from the successful restructuring of the company's debt, the abatement of the conflict in the Donbass region and the resilience of the company’s operations throughout the crisis in Ukraine.
Fitch expects that Metinvest will continue to maintain substantial offshore cash balances, as well as a comfortable schedule of repayments for its foreign-currency debt over the 2017-20 period.