Moody’s ups Metinvest to Caa2

Moody's Investors Service said it upgraded Metinvest BV's corporate family rating to Caa2 from Caa3 and probability of default rating to Caa2-PD/LD from D-PD.

The agency also upgraded the national scale rating to B1.ua from Caa3.ua.

The outlook is stable.

Concurrently, Moody's withdrew the Caa3 senior unsecured ratings assigned to Metinvest's 10¼% notes due 2016 and 8¾% notes due 2018 and the provisional Caa3 senior unsecured rating assigned to Metinvest's medium-term note program.

Moody’s said the upgrades follow the completion of the company’s debt restructuring, as announced on March 22, as a result of which the company is no longer in default on its debt obligations.

Concurrently, the agency appended the probability of default rating with the limited default (/LD) designation, which reflects its view that the completed debt restructuring constitutes a distressed exchange under Moody's definition of default. The agency will remove the /LD designation from the probability of default rating in three business days.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.