Fitch has increased the long-term rating of Ferrexpo plc (UK), which controls Poltava and Yeristovo Mining and Processing Works, from CCC to CC.
The agency has also confirmed the company short-term rating on the C level.
Rating increase is explained by the Ferrexpo liquidity improvement due to higher iron ore prices in H1 (on average $52 per ton against $45 per ton) and stable price of pellets ($25 per ton).
Ferrexpo was also able to clear its $420 million of pre-export financing in July.
In 2015 Ferrexpo profits dropped by 82.9% YoY, or by $152.38 million, to $31.45 million. (Ukrainian metal)