Fitch changes the outlook for MMK rating to "positive".

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.

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