Fitch improves outlook on ratings of Russia’s Koks Group

MOSCOW, Jun 29 (PRIME) -- International rating agency Fitch has improved its outlook on ratings of Russian pig iron producer Koks Group to Stable from Negative as liquidity risks for shrank after the placement of U.S. $500 million worth of 2022 bonds at 7.75%, the agency said in a statement on Thursday.

“At end-May 2017, the Fitch-calculated liquidity ratio improved to well above 2x, a level more commensurate with the current rating level, from 0.5x at end-2016. Debt repayments remain at manageable levels of around 2 billion rubles in 2017 and 9 billion rubles in 2018,” Fitch said.

Koks Group is part of Industrial Metallurgical Holding.

(59.5415 rubles – U.S. $1)

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