PJSC Magnitogorsk Iron and Steel Works: Fitch Ratings Upgrades MMK to 'BBB'; Outlook Stable

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PJSC Magnitogorsk Iron and Steel Works (MMK) 
PJSC Magnitogorsk Iron and Steel Works: Fitch Ratings Upgrades MMK to 'BBB'; 
Outlook Stable 
 
09-Apr-2019 / 09:27 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            Fitch Ratings Upgrades MMK to 'BBB'; Outlook Stable 
 
                         09-04-2019, Magnitogorsk 
 
  PJSC Magnitogorsk Iron & Steel Works' (MMK) is pleased to announce that on 
    April 8th, 2019 rating agency Fitch Ratings upgraded Company's Long-Term 
             Issuer Default Rating to 'BBB' from 'BBB-' with Stable Outlook. 
 
   In its press release Fitch Ratings notes that the rating upgrade reflects 
    MMK's ability to maintain a conservative financial profile during market 
 turbulence due to the company's low cost of operations, focus on high-value 
added (HVA) products, leading positions on the Russian steel market and high 
                         profit margins through the cycle. 
 
      Fitch also admits that MMK has one of the lowest leverages among steel 
     companies globally. After MMK repaid most of its debt in 2015-2016, the 
   company has had almost zero net debt and is committed to keeping low debt 
                         levels. 
 
   MMK is rated above the 'BBB-' Country Ceiling for Russia (BBB-/Positive). 
      This is in line with Fitch's Rating Non-Financial Corporates Above the 
 Country Ceiling Rating Criteria and takes into account the company's strong 
 hard-currency external debt service ratio, which is supported by sufficient 
  cash flows from exports and foreign assets and by an overall low leverage. 
 
                         About MMK 
 
     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 2018, the company produced 12.7 million tonnes 
    of crude steel and 11.7 million tonnes of commercial steel products. MMK 
        Group had sales in 2018 of USD 8,214 million and EBITDA of USD 2,418 
                         million. 
 
Investor contacts: 
 
Andrey Serov 
 
tel .: [phone] 
 
E-mail: [e-mail] 
 
Media contacts: 
 
Dmitry Kuchumov            Dmitry Bulin 
 
tel.: [phone]   tel.: [phone] 
 
E-mail: [e-mail] E-mail: [e-mail] 
 
ISIN:          US5591892048 
Category Code: MSCH 
TIDM:          MMK 
LEI Code:      253400XSJ4C01YMCXG44 
Sequence No.:  8138 
EQS News ID:   797393 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 09, 2019 03:27 ET (07:27 GMT)