Moody's “Outlook on Magnitogorsk Iron & Steel Works ratings changed from negative to stable.”
Moody's Investors Service (Moody’s) has changed to stable from negative the outlook on the Ba1 corporate family rating (CFR) and the Ba1-PD probability of default rating (PDR) of Magnitogorsk Iron & Steel Works. Concurrently, Moody's has affirmed all these ratings.
The stable outlook on the company’s rating is in line with the stable outlook for the sovereign rating and reflects Moody's expectation that each company's specific credit factors, including its operating and financial performance, market position and liquidity, will remain commensurate with its ratings on a sustainable basis.
Notes for editors:
MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2015, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2015 of USD 5,630 million and EBITDA of USD 1,956 million.
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