Fitch upgraded credit ratings of OJSC Magnitogorsk Iron and Steel Works (MMK)
May 19, 2011 - Fitch Ratings upgraded OJSC MMK credit ratings today. Long-term IDR rating was upgraded to 'BB+' from 'BB' with stable outlook; national long-term rating was upgraded to 'AA (rus)' from 'AA- (rus)' with stable outlook.
The upgrade of MMK's ratings reflects the finalisation in 2011 of scaled investment projects (Mill 2000 and MMK-Atakas in Turkey) which will considerably strengthen the Company's position as a producer of high value-added steel products and improves its geographic diversification of assets and revenues.
In Fitch's view, Russian steel market fundamentals remain strong. Russian companies would likely benefit from an expected increase of apparent steel consumption in Russia.
About Fitch Ratings
Fitch Ratings is a global rating agency dedicated to providing value beyond the rating through objective and balanced credit opinions, research and data. Offering a world of knowledge and experience behind every rating, it transforms information to deliver meaning and utility to investors, issuers and other market participants. The additional context, perspective and insights the agency provides help financial professionals make important business decisions with confidence. Fitch Solutions offers a range of comprehensive data, analytical tools and risk services, and is the distribution channel for Fitch Ratings content.
Investor Relations Department:
Evgeny Kovtunov, Head of IR
Phone.: +7 (3519) 24-93-55
Please see Magnitogorsk Iron & Steel Works (MMK) company electronic office
Information and Public Relations Department
Phone: +7 (3519) 24-03-02
Fax: +7 (3519) 24-85-54
Company press releases