Moody's upgrades Ferrexpo, Metinvest, MHP

Moody's Investors Service said it upgraded the ratings on three companies operating in Ukraine.

The agency upgraded Ferrexpo plc's corporate family rating to B3 from Caa1 and probability of default to B3-PD from Caa1-PD. Moody's also upgraded the rating on Ferrexpo Finance plc's senior unsecured notes to B3 from Caa1.

Moody's also upgraded Metinvest BV's corporate family rating to B3 from Caa1, probability of default rating to B3-PD and Caa1-PD and national scale corporate family rating to A3.ua from Baa3.ua.

The agency also said it upgraded MHP SE's corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and national scale corporate family rating to A3.ua from Baa3.ua.

The outlook on these companies also was changed to stable from positive.

The upgrades reflect the recent upgrade on the government bond rating of the Ukraine, Moody's explained.

The business profiles and financial metrics of Ferrexpo, Metinvest, and MHP are strong for a B3 rating, the agency said.

However, the companies are directly exposed to Ukraine's political, legal, fiscal and regulatory environment, Moody's said.

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