S&P affirmed Metalloinvest long-term rating
According to the published statement, S&P affirmed BB ratings because the agency believes that the weaker Russian ruble and a favorable product mix will continue to benefit Metalloinvest’s performance metrics. The Company’s positive free operating cash flow generation, reduced capital expenditure, commitment to deleveraging contributed to the S&P decision.
The outlook remains Negative due to challenging market conditions and Company’s sensitivity to movements in iron ore prices, demand levels and foreign exchange rates.
Concurrently, S&P affirmed BB issue rating on $1 billion senior unsecured notes due 2020.
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