PJSC Magnitogorsk Iron and Steel Works (MOEX: MAGN) announces that
the Analytical Credit Rating Agency (ACRA) has affirmed MMK’s
credit rating of AA+ (RU) with a stable outlook.
MMK’s credit rating takes into account its
strong market position and high marks for its business profile, owing
to its diversified product portfolio, as well as the Company’s
leading position in the premium product segment, which accounts for a
significant part of its sales mix.
Based on its assessment of MMK, ACRA noted: “The
Company’s high level of corporate governance is reflected in its
consistency in implementing its strategy to modernise production, to
improve its environmental performance in accordance with the ESG
principles in place, to strengthen its vertical integration in terms
of ensuring the supply of iron ore, to improve its energy efficiency
and to reduce its production costs.”
The stable outlook suggests with a high degree of
probability that the rating will remain unchanged for 12–18 months.
ACRA assigned MMK’s credit rating according to
the national scale for the Russian Federation on the basis of its own
methodology for assigning credit ratings to non-financial companies.
The full text of the release can be found
at https://www.acra-ratings.ru/press-releases/4290/.
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