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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.