Russia: Fitch upgrades MMK to BBB-
On July 13 the rating agency Fitch Ratings upgraded the Magnitogorsk Iron and Steel Works’s Long-Term Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BB+’ with Stable Outlook. In its press-release Fitch notes that the rating upgrade reflects MMK’s substantial deleveraging and Fitch’s view that the company’s financial profile will remain conservative, with projected leverage comfortably…