Fitch affirms MMK

Fitch Ratings said it affirmed Russia-based Magnitogorsk Metal and Steel Works' (MMK) senior unsecured foreign currency rating of BB-.

The outlook remains stable.

This follows an assessment of additional information received from the company's management, which satisfied the uncertainties outlined in the agency's comment issued on Dec. 23.

In particular, the agency understands that MMK's management is neither directly nor indirectly related to the investor base represented by UFG's 100%-owned entities UFGIS Trading Ltd. and UFGIS Structured Holding Ltd, respectively. In addition, the transfer of ownership of Mechel's and government stakes in MMK of 15% and 18%, respectively, had no impact on the net debt position of the company.

© 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.