Moody's Investors Service upgraded Russian Magnitogorsk Iron & Steel Works' (MMK) corporate family rating (CFR) to "Ba2" from "Ba3", the agency reported on Friday. The outlook on the rating is positive, the report said.
"The upgrade of MMK's ratings primarily reflects the significant improvement in the company's financial metrics over the past two years," Moody's said.
"Despite the forecast weakening in domestic demand for steel and prices for steel globally and domestically in 2016, we nevertheless expect that MMK's metrics will remain solid, owing to its strong business profile, robust cash flow generation and conservative financial policy," Moody's Vice President and Senior Analyst Artem Frolov was quoted as saying.
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