Moody’s upgrades Ferrexpo’s corporate family rating to B2

Moody’s, an international credit rating agency, has upgraded Ferrexpo pls’s corporate family rating from B3 to B2. The outlook has changed from positive to negative,

according to Interfax-Ukraine.

“That step follows Moody’s decision to upgrade long-term issuer’s rating and senior unsecured rating of the Ukrainian government from Саа1 to С3,” the agency explains.

The Ferrexpo Group is the largest producer and exporter of iron ore pellets among the former Soviet Union countries. Its production assets include Poltava Mining and Yeristovo Mining.

In 2019, Ferrexpo increased iron ore pellet production by 0.8% against the previous year — to 10.5 million tons. Its last year’s sales amounted to around 10.3 million tons, up from 2018 (10.2 million tons).

Ferrexpo plc holds 100% of shares in Ferrexpo AG which, in its turn, owns 100% of shares in Poltava Mining and 100% of shares in Yeristovo Mining.