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FITCH has raised IMH’S credit rating

27 April 2015

IMH announces that Fitch Ratings has affirmed its Long- and Short-term Issuer Default Ratings (IDRs) at 'B' respectively. Fitch has also upgraded the senior unsecured rating of KOKS Finance Limited’s loan participation notes to 'B'/'RR4' from 'B-'/'RR5'.

On Friday 24 April 2015, Fitch Ratings has affirmed OAO Koks’ Long- and Short-term Issuer Default Ratings (IDRs) at 'B' respectively. The Outlook is Stable. Fitch has also upgraded the senior unsecured rating of KOKS Finance Limited’s loan participation notes to 'B'/'RR4' from 'B-'/'RR5'.

Fitch notes that the rating upgrade reflects the increased EBITDA generation due to efficiency measures taken by the company and the recent rouble devaluation. Positive factor, which has an effect on the rating, is its geographical diversification in its pig iron and coke sales and a strong presence in market such as America, Europe, Turkey and The Middle East.

Fitch Ratings has positively marked the plans of the Group to reach 100% self-sufficiency in cooking coal and iron ore by 2018 and IMH’s intention to become fully vertically integrated metallurgical group. The strong reserve base will help to reach this goal. Proved and probable reserves under JORC standards amounted to 115mt of coal and 285mt of iron ore with 33% of Fe content as of 30 September 2010. At current production levels, this implies almost 70 years of remaining operating life for coal production and 60 years for iron ore production.

Fitch assumes, the company’s EBITDA may increase from RUB12.1 bn in 2014 to RUB15 bn in 2015.

Earlier, in December 2014, international rating agency Standard & Poor’s announced that it raised long-term corporate credit rating of IMH to 'B' from 'B-'. The outlook is stable. At the same time the agency raised the issue rating of the $350 million senior unsecured loan participation notes to 'B-' from 'CCC+'. The '5' recovery rating of these notes remained unchanged. In addition, S&P improved Koks' financial risk profile to «aggressive» from «highly leveraged» owing to its stronger credit metrics.

About the Company:

KOKS Group is a vertically integrated business focusing on the extraction and processing of coking coal and iron ore to feed its pig iron and coke production. KOKS Group is the world’s largest exporter of merchant pig iron, and a leading producer of merchant coke in Russia. KOKS Group’s four operational divisions are coal, coke, iron ore & pig iron and powder metallurgy. KOKS Group’s key production facilities are located in the Kemerovo, Tula and Belgorod Regions of the Russian Federation.

For more information, please contact:

Ekaterina Popova
Director for Integrated Communications

popova@metholding.com
Тел.: +7 (495) 725 56 80 (ext. 405)
2nd Verkhniy Mikhailovskiy proezd, d. 9, Moscow 115419, Russia
www.metholding.com

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