Moody's lowers Metinvest

Moody's Investors Service said it downgraded Metinvest BV's national scale rating to A2.ua from A1.ua and changed the outlook on the B2 corporate family rating to stable from positive.

The rating action was prompted by a recent announcement made by Metinvest that it was in negotiations to acquire the majority of Ilyich Steel Works. The agency said this transaction indicates a more opportunistic approach to development initiatives than is built into the positive outlook.

At the same time, the stable outlook continues to reflect the resilience of the operations of Metinvest and its good cost position and moderate leverage, Moody's said.

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