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Moody's lowers KOKS view to positive
Moody's Investors Service said it changed to stable from positive the outlook of PJSC KOKS.
Moody's also said it affirmed KOKS's B2 corporate family rating, B2-PD probability of default rating and the B2 senior unsecured rating of the loan participation notes issued by Koks Finance DAC.
The outlook also was changed to stable from positive.
The ratings primarily reflect a view that reduction of the company's leverage, growth in its earnings and ramp-up of its coal production will take more time than previously expected, Moody's explained.
The agency said it does not expect KOKS's leverage to decline lower than the upgrade threshold of 3x until at least 2020.
The company's leverage remains sensitive to the volatile prices of pig iron, coke and coking coal, Moody's said, as well as production volumes.
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