Moody's assigns SUAL Aa3.ru national scale rating

Moody's Interfax Rating Agency said it assigned an Aa3.ru national scale rating to SUAL International Ltd. Concurrently, Moody's Investors Service has affirmed the company's existing global scale rating, specifically the Ba3 corporate family rating.

The outlook on the global scale rating remains stable.

The global scale rating reflects the Russian company's global default and loss expectation, while the national scale rating reflects the standing of the company's credit quality relative to its domestic peers, the agencies said.

Moody's said the ratings further reflect SUAL's self-sufficiency in raw materials, cost competitiveness, advantageous cash cost position, strong technical mining expertise, experienced management team and the company's investments to strengthen its product range.

The ratings also take into consideration volatility associated with the global aluminum market, uncertainty with respect to the development of the Russian energy reform, continuous high-capital requirements of the industry and SUAL's focus on targeted acquisitions, particularly in the challenging operating environments of upstream and energy sectors in Russia, the agency added.

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