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Fitch revised the outlook of IMH from stable to positive

24 May 2021

IMH, one of the world’s leading suppliers of merchant pig iron and the biggest merchant coke producer in Russia, announces that Fitch Ratings has affirmed its Issuer Default Ratings (IDRs) at 'B', the Outlook is revised from Stable to Positive.

Fitch Ratings has affirmed Issuer Default Ratings (IDRs) of IMH at 'B' with Positive outlook.

Fitch notes that the rating action reflects the increased EBITDA generation due to the growing revenue on the back of the extending sales market and larger share of sales to the new customers in Russia and abroad. Fitch marked strong position of IMH at its traditional pig iron and coke markets including USA, Europe, Turkey and Middle East. In 2020, IMH’s share in the total world’s pig iron export volume was 8%.

Additionally, the outlook was driven by IMH’s reasonable approach to CAPEX program and improvement of the Company’s credit profile due to refinancing of the Eurobond maturing in 2022 with a new US$350 million issue maturing in 2025 placed at a lower coupon rate.

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