Metinvest Group, an international vertically integrated group of mining and metallurgical companies (hereinafter – “Metinvest” or “Group”) announced that the credit rating agency Fitch Ratings has changed the outlook for the long-term rating of the Group on liabilities in foreign and national currency from ” negative to stable. In addition, the credit rating of Metinvest and its bonds remained at BB-, which is two levels higher than the country ceiling for Ukraine.
The rating agency highly appreciated the ability of Metinvest to generate cash flow, which is associated with a favorable situation in the steel and iron ore markets amid the recovery of the global economy. The agency also noted the Group’s financial flexibility, which contributes to increasing its profitability, including through gaining control over the Pokrovsk Coal Group and implementing a capital investment program. At the same time, Fitch Ratings noted the expected gradual decrease in Metinvest’s total debt.