Moody's downgrades Metinvest, Azovstal

Yesterday Moody’s Investors Service also trimmed the corporate ratings of industrial companies Metinvest and Azovstal. Metinvest’s corporate rating was cut from ‘B1’ to ‘B2,’ and its rating according to the national scale from ‘A2.ua’ to ‘Aa3.ua.’ At the same time, Moody’s downgraded the rating on Azovstal’s USD 175 mln Eurobonds from ‘B2’ to ‘B3.’ The outlook on all of the ratings is stable. Moody’s said the downgrade was based on its concerns about the prospects for the steel industry, and over Metinvest’s short-term liquidity position following its acquisition of the US’ United Coal.