ACRA confirmed the rating of MMK and its bonds at AA+ (RU) – Kommersant
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The Analytical Credit Rating Agency (ACRA) has confirmed the credit rating of the Magnitogorsk Iron and Steel Works (MMK) (MOEX: MAGN) and the issue of replacement shares of the company at level AA+ (RU) with a stable forecast. This is stated in a press release on website ACRA.
The agency reported that the confirmation of the AA+ (RU) rating is due to the “preservation of the operational risk profile assessments and credit metrics of the financial risk profile” that are established for this rating level.
“The company’s credit rating takes into account its strong market position and strong business profile assessment, as well as the strong product diversification of the company’s product portfolio,” the statement said.
The agency explained MMK’s strong market position by the fact that the company occupies a leading position in the Russian market. A strong business profile, according to ACRA, reflects the company’s position in the factors of the share of products with high added value, characteristics and diversification of sales markets.
The stable forecast, as specified by the agency, assumes that MMK’s level in the credit rating will not change in the next 12-18 months.
October 18 MMK published report for January-September 2023. It says that steel production increased by 11.4% in nine months compared to the same period last year.
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