International rating agency Fitch has improved its outlook on ratings of the Russian pig iron producer Koks Group to Stable from Negative as liquidity risks have shrunk after the placement of $500 million worth of 2022 bonds at 7.75%, the agency said.
“At end-May the Fitch-calculated liquidity ratio improved to well above 2x, a level more commensurate with the current rating level, from 0.5x at end-2016. Debt repayments remain at manageable levels of around 2 billion rubles in 2017 and 9 billion rubles in 2018,” Fitch said.
Koks Group is part of Industrial Metallurgical Holding. (Prime/Ukrainian metal)