Moody’s upgrades Metalloinvest credit rating with stable outlook

Thursday, 14 March 2019 17:46:43 (GMT+3)   |   Istanbul
       

International credit rating agency Moody’s has announced that it has upgraded the corporate rating of leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest to Ba1 with a stable outlook from Ba2.

Moody’s stated that the upgrade of Metalloinvest's ratings to Ba1 reflects the company’s improved visibility into shareholder distribution as a result of the new distribution policy adopted at the beginning of 2019. Metalloinvest's Ba1 rating also factors in the company's low costs and high profitability, supported by the weak rouble and continuing operational enhancements; the high share of value-added products; long-life iron ore reserves and high ferrous content of up to 70 percent in iron ore concentrate; and geographical diversification of sales, with around 60 percent of revenue generated from exports.


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