Moody's downgrades Metinvest

Moody's Investors Service said it downgraded the national scale rating of Metinvest BV to Baa2.ua from A2.ua following the Dec. 7 downgrade of the global scale rating of Metinvest to B3 from B2.

The outlook was changed to negative from stable.

Moody's said the action follows its decision to lower Ukraine's foreign-currency bond country ceiling to B3 from B1.

These ceilings are lower than the local-currency ceiling (B2) as they also capture foreign-currency transfer and convertibility risks.

This follows Moody's downgrade of Ukraine's government bond rating by one notch to B3 from B2 with a negative outlook.

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