Moody’s cuts three Ukrainian issuers

Moody’s Investors Service said it cut the ratings of MHP SE and Metinvest BV to Caa3 from B3 and Ferrexpo plc to Caa2 from B3.

The downgrades follow the agency’s decision to downgrade Ukraine’s sovereign ratings to Caa2 from B3.

“The rating downgrade to the sovereign rating level or one notch below, reflects the financial and operational challenges these companies are facing in the midst of the invasion, including disruption to the workforce and access to the necessary infrastructure to enable them to freely export their goods and meet debt service requirements in the currently extraordinarily stressed circumstances.

“The rating actions are a reflection of intensification of Russia's (government of Russia, Ca negative) military invasion of Ukraine, and as a result reflect these developments that are outside the issuers' control,” the agency said in a press release.

The ratings remain on review for downgrade.

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