Fitch rates Metinvest notes B-

Fitch Ratings said it assigned Metinvest BV's proposed issue of notes an expected senior unsecured rating of B- with an expected recovery rating of RR4. The rating is contingent on receipt of final documents. Metinvest has a long-term foreign-currency issuer default rating of B-, long-term local-currency issuer default rating of B, national long-term rating of AA+(ukr), short-term issuer default rating of B and national short-term rating of F1+(ukr).

The rating is constrained by Ukraine's B- and B sovereign ratings and stable outlook.

The outlook is stable.

The proceeds will be used to finance its capital expenditure program and for general corporate purposes, Fitch said.

The notes rank at least equally with all senior, unsubordinated, unconditional and unsecured indebtedness of Metinvest, the agency said, and include a negative pledge, restrictions on mergers and disposals and a certain limitation on dividend payments and transactions with affiliates.

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