International credit rating agency Moody’s has announced that it has changed the outlook on the credit ratings of Metalloinvest, a leading global iron ore and hot briquetted iron (HBI) producer based in Russia, to positive from stable and has affirmed Metalloinvest's Ba2 corporate family rating.
Moody’s stated that the upgrade of the outlook of Metalloinvest mainly reflects its deleveraging in 2017, following the boost to its earnings and cash flow generation from higher prices for iron ore and steel and increased production of high value-added iron ore products.
The rating action also reflects Moody's expectation that Metalloinvest will pursue a balanced financial policy, with positive free cash flow generation, maintain healthy liquidity and continue to address its refinancing needs in advance.