Metalloinvest Finance Designated Activity Company (IRSH)
Fitch upgrades Metalloinvest rating to Investment Grade
Moscow, Russia - 29 June 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces that Fitch Ratings ("Fitch") has upgraded the Company's corporate rating to "BBB-" with a stable outlook from "BB+"/stable.
According to Fitch's statement, the rating upgrade reflects the Company's robust financial results, underpinned by its commitment to a more conservative financial policy, namely systematic debt reduction and a strong operational profile with competitive cost positioning.
Alexey Voronov, Deputy CEO - Chief Financial Officer of Metalloinvest, commented:
"We are delighted that Fitch recognises the Company's track record of corporate governance improvements, prudent financial policy and overall strong credit metrics. Investment grade is a great achievement that the Company was able to deliver after 10 years of presence in international capital markets, following its debut Eurobond issue in 2011."
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Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).
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