Moody's rates Metalloinvest Ba3

Moody's Investors Service said it assigned Ba3 corporate family and probability of default ratings to Metalloinvest, and Moody's Interfax Rating Agency assigned an Aa3.ru national scale rating to the company.

The outlook is stable.

The agency said the ratings reflect Metalloinvest's proven iron ore production capacity, its long-life reserve base and its good historic profitability as measured by an average three-year EBIT margin of 24.3%, and Metalloinvest also benefits from its integrated steel business model.

Weighing negatively on the ratings is the high debt level and leverage at the end of 2009, largely induced by the recent economic crisis, and a weak liquidity profile depending on operating cash flow generation, Moody's said.

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