Fitch lifts Magnitogorsk Iron view to stable

Fitch Ratings said it revised the outlook on OJSC Magnitogorsk Iron & Steel Works’ long-term issuer default rating to stable from negative and affirmed its issuer default rating at BB+.

The ratings reflect the company’s strong position on the Russian market as a supplier of a wide range of high value-added steel products, Fitch said.

The outlook revision considers the company’s material de-leveraging in 2014, the agency said.

Since 2011, the company has reduced indebtedness by $1.8 billion and is still committed to de-leverage using cash funds and cash flow from operations, Fitch said.

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