S&P upgrades Metalloinvest rating to investment grade
Moscow, Russia - 21 September 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 Standard & Poor's Ratings Services ("S&P") has upgraded the Company's corporate rating to
'BBB-' with a stable outlook from 'BB+'/positive.
According to S&P's statement, the rating upgrade reflects the Company's commitment to a conservative financial policy and its strong credit metrics, supported by continuous efforts in debt reduction and competitive cost positioning.
At the same time, S&P has also raised the issue rating on the senior unsecured notes issued by Metalloinvest Finance D.A.C. to 'BBB-' from 'BB+'.
Alexey Voronov, Deputy CEO - Chief Financial Officer of Metalloinvest, commented:
"We are pleased that Metalloinvest's strong credit metrics, as well as its proactive debt management and commitment to prudent financial policy, have now been reflected in a 'BBB-' credit rating from S&P. This rating level matсhes the sovereign rating and that of leading public companies in the sector within the S&P universe.
"Following the upgrade to 'BBB-' by Fitch in June, the Company now has composite investment grade credit rating, being the only private company in the Russian metals & mining industry with an IG-level."
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If you have any questions, please contact us:
Artem Lavrischev
Investor Relations
E: ir@metalloinvest.com
T: +7 (495) 981-55-55, ext. 7243
Anton Troshin
Public Relations
E: pr@metalloinvest.com
Tel.: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading metals and mining company with the second-largest proven iron ore reserves on a JORC-equivalent basis (13.8 billion tonnes and about 136 years of reserve life). The company is the world's largest producer and supplier of merchant hot briquetted iron (HBI) products, a low-carbon raw material used to produce green steel; Metalloinvest holds a leading position in the production of pellets, iron ore concentrate and high-quality steel.
In H1 2021, revenue amounted to USD 5.1 bn; EBITDA - USD 2.9 bn. The company has 10+ years track record on public debt capital markets with high credit ratings: S&P (BBB-/stable), Fitch (BBB-/stable), Moody's (Ba1/stable), АCRА (AA+(RU)/positive).
Alisher Usmanov is the main beneficiary of the company (with a 49% stake) through Holding Company USM LLC.
Ticker (Bloomberg): METIN RU; official website: www.metalloinvest.com
