Shipbuilding. Energy. Transport

On-line supplement
to the Maritime Market magazine

Shipbuilding. Energy. Transport Maritime Market magazine

Press Release

Moodys Upgrades MMK to 'Baa3'; Outlook Positive

PJSC Magnitogorsk Iron & Steel Works' (MMK) is pleased to announce that on January 29th, 2018, Moodys rating agency upgraded the Companys Issuer Rating to 'Baa3' from 'Ba1' with positive outlook.

Andrey Eremin, MMKs Director for Economics, commented: We at MMK are satisfied with the increased issuer rating. This is a proof that MMK has correctly formulated its strategic development priorities and introduced quite efficient tools to implement its strategy. Our priorities today include focusing on the key markets, internal efficiency, regular return on investors equity and corporate investment appeal.

Moodys action follows a sovereign rating action on the government of Russia which took place on 25 January 2018, during which Moody's changed the outlook on Russia's Ba1 long-term issuer and senior unsecured debt ratings to positive from stable. The change in the outlook on Russia's Ba1 ratings was driven by the following rating factors:

Growing evidence of institutional strength. Russia's macroeconomic framework coped well with the oil price shock and with the impact of sanctions imposed to date, and enhancements have been made to the government's rule-based fiscal framework; and
Relatedly, increased evidence of economic and fiscal resiliency that has reduced Russia's vulnerability to further external shocks arising from geopolitical tensions or from renewed declines in oil prices.

In a related decision, Moody's has raised Russia's country ceilings for foreign currency debt to Baa3/P-3 from Ba1/NP to reflect diminished concerns that the government might impose capital controls or otherwise ration foreign exchange reserves.

Moody's also raised the country risk ceilings for local currency-denominated debt and deposits to Baa2 from Baa3. A country ceiling generally indicates the highest rating level that any issuer domiciled in that country can attain for instruments of that type and currency denomination.


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