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Moody's rates Metalloinvest bonds Baa3
Moody's Investors Service said it rated Metalloinvest Finance DAC’s planned $650 million of backed senior unsecured notes Baa3. The backed senior unsecured notes are guaranteed by Holding Co. Metalloinvest’s key subsidiaries.
Metalloinvest Finance's outlook is stable.
"The assignment of rating to the bonds with the stable outlook reflects Metalloinvest's substantial deleveraging in 2021, corporate governance improvements with our expectation that there are no shareholder loans provided as of Dec. 31, 2021, and that the balance of such loans, if any, will not be material in the future. Expected disposal of Ural Steel plant will substantially improve the company's carbon footprint while growing share of value-added products (HBI, DRI, pellets, high quality steel) will allow the company to weather volatility in iron ore and steel prices with modest debt," said Denis Perevezentsev, a vice president and senior credit officer at Moody's, in a press release.
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