Fitch rates MMK notes BB+

Fitch Ratings said it has assigned MMK Finance Ltd.'s dollar-denominated loan participation notes a BB+(exp) expected foreign currency senior unsecured rating.

The notes will be issued on a limited recourse basis for the sole purpose of funding a loan by MMK Finance to OJSC Magnitogorsk Iron & Steel Works (MMK, BB+/negative), the agency stated.

The company plans to use the net proceeds from the notes for general corporate purposes including the refinance of upcoming debt maturities.

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