International rating agency S&P Global Ratings has upgraded the long-term credit rating of NLMK Group, an international steel company with operations in Russia, the United States, and the European Union, from BВ+ to investment grade ВВВ- with a negative outlook.
The national scale rating on NLMK liabilities was upgraded from ruAA+ to ruAAA.
In an official statement S&P Global Ratings gave a positive assessment of NLMK Group’s strong operating and financial performance; stable market positions; cost advantage; low leverage; and significant liquidity.
NLMK Group’s current rating is above the Russian sovereign rating.
Grigory Fedorishin, NLMK CFO, said: “We welcome S&P’s decision to assign NLMK an investment grade rating. It acknowledges the success of the company’s strategy aimed at boosting business efficiency; and sends a positive sign to the investment community that confirms the stability of NLMK’s business model at a time of high market volatility”.
NLMK’s current credit ratings: S&P Global Ratings: BBB- (negative), Fitch Ratings: BBB- (negative), Moody’s: Ba1 (negative). (NLMK/Ukrainian metal)