International credit ratings agency Fitch Ratings has announced that it has affirmed Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest’s long term ‘BB’ rating while its outlook for the company is stable.
Fitch stated that the affirmation reflects Metalloinvest's resilient financial performance despite the depressed pricing environment on global iron ore markets driven by structural imbalances. According to Fitch, the company has reduced debt over the past four years and is committed to continue this. Metalloinvest's ratings also reflect its strong business profile and low production costs, which provide healthy positive free cash flow generation and resilience to market price volatility.