PJSC Magnitogorsk Iron and Steel Works (MMK)
Moody's Upgrades MMK to 'Baa2'; Outlook Stable
PJSC Magnitogorsk Iron & Steel Works' (MMK) is pleased to announce that on February 12th, 2019 Moody's rating agency upgraded MMK's Issuer Rating to 'Baa2' from 'Baa3' with Stable Outlook.
This action followed a sovereign rating action on the government of Russia which took place on 8 February 2019 when Moody's upgraded Russia's long-term issuer and senior unsecured debt ratings to Baa3 from Ba1 and changed the outlook on these ratings from positive to stable.
Moody's stated in its press release that the upgrade of Russia's ratings reflects the positive impact of policies enacted in recent years to strengthen Russia's already robust public finance and external metrics and reduce the country's vulnerability to external shocks including fresh sanctions.
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.
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