Moody’s revises TMK view to stable

Moody's Investors Service said it changed the outlook on PAO TMK to stable from negative.

Concurrently, the agency affirmed TMK's B1 corporate family rating, B1-PD probability of default rating and the B1 senior unsecured rating assigned to the notes issued by TMK Capital SA, a wholly owned subsidiary of TMK.

The outlook of TMK Capital was also changed to stable from negative.

"Our decision to change the outlook on TMK's rating to stable mainly reflects a significant improvement in the financial and operating performance of its American division, complemented by the resilience of its Russian operations to oil price volatility. It also factors in our expectation that the company will be able to reduce leverage and maintain adequate liquidity," Moody’s vice president, senior credit officer Artem Frolov said in a news release.

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