Standard & Poor’s confirms investment grade 'BBB-' rating on MMC Norilsk Nickel and changes outlook from Negative to Stable

OJSC MMC Norilsk Nickel (hereinafter – Norilsk Nickel or the Company) is pleased to announce that international rating agency Standard & Poor’s (hereinafter – S&P) confirmed the Company’s investment grade credit rating at the level of 'BBB-' .The Outlook changed from negative to stable.

According to S&P the Outlook change reflects the Company's healthy credit metrics and improved liquidity. The Agency noticed that Norilsk Nickel's low cost base and additional efforts in cost cutting and in curtailing capital expenditures helped mitigate the impact of the downturn on 2009 credit metrics. S&P expects the Company’s free operating cash flow to stay positive in 2010 and 2011.