Fitch changes the outlook for MMK rating to "positive".
Edited by Rhod Mackenzie / 2016-05-24 06:55:42
Finance Metals and mining Russia Financial results Magnitogorsk metallurgic plant MMK Ratings Russia Metals and Mining Steel
International rating agency Fitch Ratings has changed the outlook on the long-term Issuer Default rating ("IDR") of OJSC "Magnitogorsk Iron and Steel Works" (MMK) from "stable" to "positive"and affirmed the rating at "BB +".
In its press release, Fitch states that the "positive" outlook reflects the strong financial results of MMK, which allowed the company to reduce the adjusted gross leverage funds from operations (FFO) to a value of approximately 1.3x in 2015, the advantage due to debt repayment. In addition to a strong financial profile MMK rating also reflects the strong position of MMK in the Russian market as a supplier of a wide range of steel products with high added value.
