Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has announced that international credit rating agency Moody’s has upgraded its credit rating from Ba1 to Вaa3, with a positive outlook.
MMK stated that the rating action follows a sovereign rating action on the government of Russia which took place on January 25, during which Moody's changed the outlook on Russia's Ba1 long-term issuer and senior unsecured debt ratings to positive from stable.
Andrey Eremin, MMK’s director for economics, stated that the rating decision of Moody’s is a proof that MMK has correctly formulated its strategic development priorities and introduced quite efficient tools to implement its strategy. According to Mr. Eremin, MMK’s priorities include focusing on the key markets, internal efficiency, a regular return on investors’ equity and corporate investment appeal.