Moody’s upgrades Aperam to Ba1

Moody's Investors Service said it upgraded its ratings for Aperam SA, upgrading its corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and $200 million convertible euro bonds due 2020 to Ba2 from B1.

The outlook is stable.

Moody’s said the upgrade of the corporate family rating reflects the strong operational performance of the company over the last two years and the agency’s view that Aperam will be able to maintain its EBIT and EBITDA margins at current levels in 2016.

Moody's further believes that significant operational improvement will be sustained by the gains realized through the topline strategy, the expansion of the “Leadership Journey” and the positive development on anti-dumping measures in the European Union.

Despite the improvement in profitability, the agency said it remains vigilant on the development of market conditions in Europe and in Brazil with notably an increased pressure on base prices.

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