S&P affirms TMK, view still negative

S&P Global Ratings said it affirmed its B+ long-term corporate credit and ruA Russia national scale ratings on PAO TMK. The outlook on the corporate credit rating remains negative.

S&P also affirmed its B+ senior unsecured debt ratings on the notes issued by TMK Capital SA.

The affirmation reflects an expectation that TMK will maintain adequate credit metrics for the rating in the next two years, with positive free operating cash flow generation and adjusted debt to EBITDA recovering to a level comfortably below 4.5x, S&P said in a news release.

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