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Skip Navigation LinksHome :: Markets/asset classes :: Banking :: Moody's upgrades Azovstal's rating to B1, outlook positive.

Wednesday, September 3, 2008

Moody's upgrades Azovstal's rating to B1, outlook positive.





Moody's upgrades Azovstal's rating to B1, outlook positive. Moody’s decided to upgrade metallurgical plant Azovstal’s rating to B1 from B2. The USD 175mn LPN’s of the company were also upgraded to B1 from B3. The outlook for the ratings is positive. The agency took into account that amount of secured debt at Azovstal level has been reduced significantly after the set up of Metinvest. Moody’s also noted improved profitability and reduced leverage of Azovstal stemming from better prices achieved for the steel products manufactured at Azovstal. Continues modernization which helps reducing the operating costs over time was also noted. To remind you, Azovstal plans to invest USD 5bn until 2019, as CEO revealed. The technical retooling and renovation includes reconstructive plan of the enterprise as a whole. The major aim is to ensure EU ecological standards, and implementation of energy saving projects. In the frames of the renovation project, it is expected to spend USD 970mn for gas cleaning system and suction capacities. Azovstal posted net profit of UAH 1.7bn in Q3/07. Metinvest B V holds 52.6% of shares of Azovstal, Leman Commodities owns 16.09% and MetalUkr Holding ( Cyprus ) holds 2.8% of the shares. Metinvest group is a part of SCM and it manages all mining and metallurgical assets of SCM.







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