International credit rating agency Moody’s has announced that it has changed its outlook on the credit ratings of Russia-based TMK, one of the world's leading oil and gas steel pipe producers, to stable from negative and has affirmed its B1 corporate family rating.
Moody’s stated that the upgrade of the outlook of TMK mainly reflects a significant improvement in the financial and operating performance of its American division, complemented by the resilience of its Russian operations to oil price volatility. The upgrade also factors in the credit rating agency’s expectation that a combination of increased earnings of the American division and sustainable solid earnings of the Russian division will allow TMK to reduce leverage and maintain adequate liquidity.