S&P raises MMK’s credit rating
International credit rating agency Standard & Poor's (S&P) has recently announced that it determined to increase long-term corporate credit of Russian steel producer OAO Magnitogorsk Metallurgical Kombat (
MMK) to BB- from B+ as the company reported improved financial results in 2003 and in the first half of 2004. The outlook is stable.
Moreover,
Russia national scale rating on
MMK has been raised to ruAA-.
A credit analyst from S&P said that global steel industry and the Russian domestic market are the main drivers behind the improved performance of the company.