PJSC Magnitogorsk Iron and Steel Works: MMK notifies that Moody's has downgraded MMK's credit rating

MMK notifies that Moody's has downgraded MMk's credit rating

15 march 2022

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies that Moody's has downgraded MMK's credit rating to 'Caa2' from 'Baa2' with the negative outlook.

Rating action reflects the sovereign rating action on the Government of Russia which took place on 6 March 2022, where Moody's downgraded the Government of Russia's long-term issuer rating and senior unsecured ratings (local and foreign currency) to 'Ca' from 'B3'.

The full press-release of Moody's is available at:

https://www.moodys.com/research/Moodys-downgrades-the-ratings-of-95-Russian-corporates--PR_463626

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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