11:51, 20 February 2019

Moody’s Upgrades Severstal to Baa2 with Stable Outlook

 

Severstal, a Metal-Expo regular exhibitor and one of the world’s leading vertically integrated steel and steel-related mining companies, announces that Moody’s has upgraded its rating on Severstal to Baa2 from Baa3 and changed its outlook from positive to stable.

Moody's also raised Russia’s country ceilings for foreign currency debt to Baa2/P-2 from Baa3/P-3 and the ceilings for local currency-denominated debt and deposits to Baa1 from Baa2.

The rating agency underlined that upgrading the ratings of 12 companies from non-financial sectors, including Severstal, was a result of the exhibition of particularly strong credit metrics with a substantial share of foreign-currency revenue and strong liquidity profiles, which gives them a degree of resilience at times of sovereign stress. Moody’s commented in a press release: “All of these entities have robust business models, have low costs for their sectors and are visible players both in the domestic market and abroad”.

Alexey Kulichenko, CFO of Severstal, commented:

“We welcome Moody’s decision to revise Russia's sovereign rating outlook and improve our company's credit rating. This decision by one of the most prominent rating agencies is a positive endorsement of our updated strategy, the goal of which is to be the leader of the steel industry of the future and maintain our position as first choice for our customers, employees and partners.”

New on the topic

Electronic registration now open for the June Castings and Metal Structures Exhibition complex

The electronic registration for the specialised exhibitions Metallurgy.Russia'2024 and Litmash.Russia'2024, as well as the forum for manufacturers of metal structure...

22 March, 16:13

Stainless steel consumption in Russia increased by 27%.

The association 'Spetsstal' has reported that the visible consumption of the main types of stainless steel products in Russia increased by 27.3% to 661.9 thousand tonnes in 2023, compared to 2022. This represents an ...

20 March, 13:33

Mechel PAO (MOEX: MTLR), has summarised its production and sales results for 2023.

Mechel PAO (MOEX: MTLR), a prominent Russian mining and metals company, has released its operating results for Q4 and 12M 2023. Oleg Korzhov, Chief Executive Officer, stated that the averag...

28 February, 12:48

Stocks of non-ferrous metals from Russian Federation on the LME increased 2.5 times

In 2023, the stocks of non-ferrous metals from the Russian Federation on the London Metal Exchange (LME) increased significantly. It is worth noting that traders primarily engage in tradin...

02 February, 15:56
Subscription to newsletter