Moody’s raises Metinvest rating outlook to Positive

Moody’s announced on Nov. 26 it has upgraded its
outlook on the corporate family ratings of Ukraine’s largest steelmaker Metinvest
(METINV) to Positive from Stable, adding that it affirmed its rating of
Metinvest at B3.

The main rationale for the outlook upgrade was the
change of the agency’s outlook on Ukraine’s rating to Positive
from Stable on Nov. 22.

Moody’s upgraded Metinvest’s rating to B3,
one notch above Ukraine’s sovereign, on Dec. 27, 2018.

Metinvest’s two other long-term credit ratings are:
from Fitch, BB-/Stable, two notches
above Ukraine’s sovereign; and from S&P, B/Stable,
one notch above Ukraine’s sovereign. Both ratings were raised on Sept. 17.

Dmytro Khoroshun: Moody’s
will likely keep Metinvest’s rating one notch above the sovereign, and an
upgrade of the company’s rating will only happen if the agency upgrades
Ukraine’s rating, which is possible in the next 12-18 months.