Fitch up Metinvest, rates notes BB-

Fitch Ratings said it assigned a BB- senior unsecured rating to Metinvest BV’s upcoming notes issue.

Metinvest plans to use the new senior notes to partly redeem its outstanding notes, extending its debt maturity profile. The new notes will rank equally and have the same guarantee structure and security as the notes due 2021, 2023 and 2026.

In addition, Fitch upgraded the company and its senior unsecured bonds to BB- from B+.

“The upgrade follows Ukraine’s country ceiling upgrade to B from B- on 6 September 2019. The IDR of Metinvest remains two notches above the country ceiling due to its comfortable hard-currency (HC) external debt service coverage, and also its BB category business and financial profiles. Fitch forecasts funds from operations (FFO) adjusted gross leverage to remain within 2.0x-2.5x over the rating horizon to 2022,” the agency said in a news release.

The outlook is stable.

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