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Moody’s affirmes Koks’ B2 credit rating

7 June 2019

Industrial Metallurgical Holding (IMH), one of the global leading suppliers of merchant pig iron and the biggest merchant coke producer in Russia, announces that Moody's has affirmed KOKS' B2 corporate family rating (CFR) and the B2 senior unsecured rating of the loan participation notes issued by Koks Finance D.A.C. The outlook is changed for stable.

Moody's Investors Service (Moody's) has affirmed KOKS' B2 corporate family rating and the B2 senior unsecured rating of the loan participation notes issued by Koks Finance D.A.C. Concurrently, Moody's B2-PD probability of default rating (PDR) is affirmed, too. The outlook for the credit ratings has been changed to stable from positive.

According to the Moody’s press release, the rating takes into account (1) the company's status as one of the leading merchant pig iron producers globally, with a fairly diversified customer base and geography of sales; (2) expected growth in the company's coal and pig iron production; (3) the company's low-cost position, owing to the weak rouble and operational enhancements; (4) KOKS' significant degree of vertical integration, with 63% and 76% self-sufficiency in coking coal and iron ore, respectively; and (5) the company's healthy liquidity and long-term debt maturity profile.

The decision to change the outlook reflects that KOKS' leverage remains sensitive to the volatile prices of pig iron, coke and coking coal, as well as production volumes, in particular the company's progress with ramping up its coking coal production.

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