S&P trims Ferrexpo local currency rating to B-

Standard & Poor's said it lowered its long-term local currency corporate credit rating on Ferrexpo plc to B- from B and affirmed the long-term foreign currency corporate credit rating at B-.

The outlook is negative.

At the same time, S&P affirmed the B short-term corporate credit ratings on Ferrexpo and the B- issue rating on the $500 million senior unsecured notes issued by Ferrexpo Finance plc.

The recovery rating on the notes is unchanged at 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.

S&P said the rating action follows the downgrade of Ukraine and the lowering of S&P's transfer and convertibility assessment to CCC+, given that Ferrexpo's core assets are concentrated in Ukraine.

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