Moody's ups Metalloinvest notes

Moody's Investors Service said it upgraded the rating of the $800 million of backed senior unsecured notes issued by Metalloinvest Finance DAC, a wholly-owned indirect subsidiary of Holding Co. Metalloinvest to Baa3 from Ba1.

The agency also withdrew Metalloinvest's Ba1 corporate family rating, Ba1-PD probability of default rating and the stable outlook.

"The upgrade reflects Metalloinvest's unique positioning as a vertically integrated mining and steel company with substantial share of value-added products (HBI, DRI, pellets, high quality steel), abundant reserve base, strong cash flow generation, track record of deleveraging and our expectation that the company will maintain modest leverage under various iron ore and steel price scenarios," said Denis Perevezentsev, a Moody’s vice president and senior credit officer, in a press release.

Metalloinvest Finance's outlook remains stable.

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