MOSCOW, Jun 29 (PRIME) -- International rating agency Fitch has upgraded the long-term issuer default rating of Russian metals holding Metalloinvest to BBB- from BB+ with a Stable outlook, the agency said in a statement on Tuesday.
The upgrade reflects strong financial figures of Metalloinvest backed by the company’s adherence to a more conservative financial policy, while its production profile remains strong. Creation of a good free cash flow and a favorable market situation would allow the company to spend around U.S. $600 million on cutting the net debt in 2021.
Metalloinvest’s ratio of funds from operations to net leverage should amount to 0.7x in 2021 and grow to 1.5x in 2023.
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