Moody’s raises MHP rating outlook to Positive

Moody’s announced on Nov. 26 it has raised the
corporate family rating outlook for MHP (MHPSA) to Positive from Stable and
affirmed its rating at B3. The agency noted that its Positive outlook is now in
line with its upgraded outlook on Ukraine’s sovereign rating, in addition to
its expectations of MHP’s strong operating and financial performance. Moody’s
last upgraded MHP’s rating to B3, one
notch above Ukraine’s sovereign on Jan. 3, 2019.

Andriy Perederey: Moody’s view is traditionally more conservative among the top rating
agencies. Its MHP rating remains two notches lower than Fitch (B+/Stable) and
one notch lower than S&P (B/Stable). We agree with Moody’s that MHP has
strong operating and financial metrics. But we expect a further MHP rating
upgrade only if the agency decides to upgrade Ukraine’s rating.