As reported by Interfax Ukraine, S&P and Fitch Ratings upgraded the Metinvest Group’s ratings.
Fitch Ratings upgraded Metinvest’s Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) and senior unsecured bonds from ‘B+’ to ‘BB-’. The outlook is stable.
The upgrade of Metinvest’s Long-Term IDR followed Ukraine’s Country Ceiling upgrade to ‘B’ from ‘B-’.
Fitch said that this happened due to the Company’s comfortable hard-currency (HC) external debt service coverage, and also due to its business and financial profiles.
In turn, S&P raised Metinvest’s issuer credit rating and its issue ratings on the existing notes to ‘B’ from ‘B-‘. The outlook is stable.
S&P said that the Ukrainian steel maker Metinvest built a track record of balanced financial policy, with relatively low gearing and positive free cash flow. The Company managed to retain an adequate spending between growth and shareholder returns.
S&P and Fitch Ratings also assigned preliminary ratings to senior unsecured notes proposed by Metinvest, ‘BB-(EXP)’ and ‘B’ respectively.
“The proposed senior unsecured notes of at least $500 million will smooth the maturity profile and strengthen liquidity,” S&P said.
As reported earlier, the Metinvest Group decided to pay $440 million for $944.515 million senior unsecured notes due 2023, with a 7.75% coupon yield. The Company plans to place new 8–10 year Eurobonds.
In January–June, net profit of Metinvest dropped by 39% compared to the same period of 2018, down to $408 million. The Company’s revenue in January–June decreased by 6%, down to $5.8 billion, EBITDA reduced by 33%, down to $890 million.
Global decarbonization is turning electrical steel into one of the key products of China's ferrous…
The United Arab Emirates (UAE) and Oman have signed an investment agreement worth AED 117…
In January-February 2024, Germany increased its imports of rolled steel products from third countries by…
Belgian steelmakers reduced steel production by 5.7% in March 2024 compared to March 2023, to…
In 2023 Ferrexpo, the London listed iron ore company with assets in Ukraine, emitted 384…
In 2023 Ferrexpo, the London listed iron ore company with assets in Ukraine, recorded zero…