Fitch revises KOKS view to stable

Fitch Ratings said it revised PAO KOKS' outlook to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at B.

The group is Russia's largest merchant coke producer and the world's largest exporter of merchant pig iron with a 17% market share.

The outlook stabilization reflects diminished liquidity risk following KOKS' placement of $500 million 7¾% notes due 2022, with the proceeds used to refinance primarily short-term facilities, the agency explained.

At the end of May, the Fitch-calculated liquidity ratio improved to well above 2 times, a level more commensurate with the current rating level, from 0.5 times at end-2016.

Debt repayments remain at manageable levels of around RUB 2 billion in 2017 and RUB 9 billion in 2018, Fitch added.

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