MOSCOW, RUSSIA: Metalloinvest Finance Designated Activity Company (IRSH), a leading global iron ore and HBI producer and supplier, announced that Standard & Poor’s Ratings Services (S&P) has improved the company’s outlook to positive from stable, affirming a ‘BB+’ long-term corporate credit rating.
According to a statement published by S&P, Metalloinvest’s outlook revision to positive reflects the Company’s debt reduction, as well as the resilience achieved in its operating and financial results in 2020, despite the challenging market conditions.
S&P’s analysts expect that Metalloinvest will continue to demonstrate robust performance in 2021, given the favourable market conditions, which will support the further debt reduction. The positive outlook indicates that the rating could be raised if the Company can sustain currently strong credit metrics long-term.
Alexey Voronov, Deputy CEO – Chief Financial Officer of Metalloinvest, commented: “We are delighted that S&P recognises the Company’s prudent financial policy and track record of proactive debt management, including the repayment of more than USD 600 million over the last two years, which resulted in visible improvement of our credit metrics.”