Moody's upgrades Koks

Moody's Investors Service said it upgraded PJSC Koks' corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD. Concurrently, Moody's raised the $350 million of backed senior unsecured loan participation notes issued by IMH Capital DAC to B1 from B2.

“The upgrade of Koks reflects the company's deleveraging amid favorable market environment with pig iron prices currently oscillating at above $500 per tonne (FOB, Black Sea) compared with the average prices of about $300 per tonne in 2019-20,” Moody’s said in a press release.

The agency said it forecasts pig iron prices to remain above historic averages for the next six to 12 months amid recovering economic activity and very strong demand from steel sector.

The outlook on Koks and IMH remains stable.

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