PJSC Magnitogorsk Iron and Steel Works: MMK notifies that S&P Global Ratings has downgraded MMK's credit rating
PJSC Magnitogorsk Iron and Steel Works (MMK)
PJSC Magnitogorsk Iron and Steel Works: MMK notifies that S&P Global Ratings has downgraded MMK's credit rating
09-March-2022 / 08:00 CET/CEST
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MMK notifies that S&P global ratings has downgraded MMk's credit rating
9 march 2022
Magnitogorsk, Russia
PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies that S&P Global Ratings has downgraded MMK's credit rating to 'CCC-' from 'BBB-', the same level as the foreign currency rating and the transfer and convertibility assessment on Russia, to reflect the heightened sovereign risk for all Russian corporate issuers.
At the same time, S&P Global Ratings placed MMK's issuer credit and issue ratings on CreditWatch with negative implications.
The full press-release of S&P Global Ratings is available at:
https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2805568
About MMK
MMK is a Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2021, MMK produced 13.6 mln tonnes of crude steel and sold 12.5 mln tonnes of commercial steel products.
Group revenue in 2021 totalled USD 11,869 mln, with an EBITDA of USD 4,290 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.09х at the end of 2021.
MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 20.2%.
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KEY UPCOMING EVENTS IN 2022
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19 April
Q1 2022 IFRS financials
ISIN: US5591892048 Category Code: MSCL TIDM: MMK LEI Code: 253400XSJ4C01YMCXG44 Sequence No.: 147744 EQS News ID: 1297761
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