IMH | 05 November 2018 г. | 16:01

Expert RA assigned IMH the ruBBB+ credit rating

Expert RA assigned IMH the ruBBB+ credit rating

RAEX rating agency (Expert RA) has assigned IMH credit rating ruBBB+ with a stable outlook. RAEX in its report notes the Company’s high liquidity level and diversification of sales by geography and customers.

The Agency outlines the Company's strong positions on the pig iron and metallurgical coke markets –key sales areas of the group. In addition, the Agency’s report notes that the policy of one of the largest consumers of merchant pig iron – the USA – stimulates growth of pig iron prices, which positively affects the Company's financial results.

”As a result of the successful Eurobonds issue in May 2017, the Company significantly improved its debt portfolio structure. Our current liquidity and capital utilization indexes are optimal at the moment. The stable financial position of the Company is confirmed by all major international rating agencies and leading Russian banks, which increased our available undrawn credit facilities to RUB 107 bln.

In 2017, IMH reached the record high revenue, EBITDA and gross profit margin. This is a result of our consistent efforts to reduce the costs and improve the production efficiency. Strengthening of financial positions and reduction of net debt / EBITDA ratio is one of the key positions of the Company's strategy. Its implementation will be mostly aligned with an enhanced self-sufficiency in raw materials due to reaching the project capacity by Butovskaya and Tikhova mines and expansion of iron ore production at the Gubkina mine of Kombinat KMAruda”, - noted Sergey Frolov, IMH Vice-President for Strategy and Communications.

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