The international ratings agency Fitch has upgraded Russian steelmaker Magnitogorsk Iron and Steel Works' (MMK) long-term credit rating from BB to BB+ with a stable outlook. According to the national scale, the company's long-term credit rating was increased from AA- to AA.
Fitch stated that the higher credit rating of MMK reflects the completion of large-scale investment projects in 2011 (the mill 2000 and the MMK-Atakas metallurgical complex in Turkey), as well as the strengthening of the company's position as a producer of high value-added products.