Fitch improves outlook on ratings of Metalloinvest to Positive - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Fitch improves outlook on ratings of Metalloinvest to Positive

MOSCOW, Aug 24 (PRIME) -- International rating agency Fitch has affirmed a long-term issuer default rating and senior unsecured ratings of Russian metals holding Metalloinvest at BB, and revised the outlook on ratings to Positive from Stable, the agency said in a statement late on Thursday.

УThe outlook revision reflects continued financial improvement, recovery in the global iron ore and steel markets driven by supply-side reforms in China, and increased preference towards higher-grade iron ore products that the group produces. It also reflects stronger demand for steel and an improved product mix,Ф the agency said.

The ratio of the companyТs funds from operations (FFO) to leverage decreased to 2.7x as of the end of 2017 from the peak of 3.8x a year earlier. Fitch expects the company to reduce the level of debt by the end of 2020. УThis will lead FFO adjusted gross leverage to fall below our upgrade guidance of 2.5x by end-2018 despite a projected moderation in iron ore and steel prices over the next three years,Ф the agency said.


24.08.2018 08:38
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 70.7941 +0.1873 20 jul
USD 62.8666 +0.0380 20 jul
Stock Market Indices
1D 1W 1M 1Y
rtsi 1350.69 +0.07 18:50 19 jul
micex 2700.57 -0.07 18:50 19 jul
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 216.00 -1.05 18:49 19 jul
lkoh 5200.50 +0.67 18:49 19 jul
rosn 420.45 +0.83 18:47 19 jul
sber 232.85 -0.82 18:48 19 jul
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 70.6200 +0.1800 14:59 19 jul
USDTD 63.0300 +0.1575 17:44 19 jul