Fitch revises Metinvest view to negative

Fitch Ratings said it revised the outlook on Metinvest BV to negative from stable and affirmed the company and its senior unsecured bonds at BB-.

“The rating actions reflect Metinvest's weak financial position at the start of the coronavirus pandemic, with funds from operations (FFO) gross leverage of 3.9x at end 2019, compared with the negative rating guideline of 2.5x. They also take into account management's initiatives to reduce operating costs, cut capex by around $350 million over the next two years and suspend dividends until markets recover,” Fitch said in a press release.

© 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.