Fitch affirms Metinvest

Fitch Ratings said it affirmed Metinvest BV's long-term foreign currency issuer default rating at B, its long-term local currency issuer default rating at B+ and national long-term rating at AA+(ukr).

The long-term ratings have stable outlooks.

Metinvest's short-term foreign currency issuer default rating is B, its short-term local currency issuer default rating is B and the national short-term rating is F1+(ukr), the agency noted.

The long-term foreign currency issuer default rating remains constrained by Ukraine's sovereign ratings (B/stable/B), Fitch said.

According to the agency, the ratings continue to be supported by Metinvest's position as the leading low-cost steel and iron ore producer in Ukraine and its high level of vertical integration with 185% self-sufficiency in iron ore and 65% in coking coal.

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