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Metinvest’s credit ratings upgraded following successful debt restructuring

6 April 2017

Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies (“Metinvest”), is pleased to announce that following the successful debt restructuring completed in March 2017, international rating agencies Moody’s Investors Service (“Moody’s”) and Fitch Ratings (“Fitch”) have both upgraded Metinvest’s credit ratings to ‘Caa2’ (‘stable’ outlook) and ‘B’ (‘stable’ outlook), respectively.

According to a press release published on 23 March 2017, Moody’s upgraded Metinvest’s Corporate Family Rating to ‘Caa2’ (‘stable’ outlook) from ‘Caa3’. This is constrained by Ukraine’s ‘Caa2’ country celling for foreign-currency debt. However, according to Moody’s steel industry grid published in a Credit Opinion dated 24 March 2017, and based on Moody’s 12-18 month forward view as of March 2017, the indicated rating from grid for Metinvest, if not constrained by Ukraine’s country ceiling, would be ‘Ba1’, seven notches above the current rating.

According to a press release published on 6 April 2017, Fitch upgraded Metinvest’s Long-Term Foreign-Currency Issuer Default Rating to ‘B’ (‘stable’ outlook) from ‘RD’, which is one notch above Ukraine’s ‘B-‘ country ceiling. It also upgraded Metinvest’s Senior Secured rating to ‘B’.

Commenting on the event, Yuriy Ryzhenkov, Chief Executive Officer of Metinvest, said: "Following the recently completed debt restructuring, this independent assessment from international rating agencies confirms that the Group’s liquidity situation is improving.”

For more details and a full list of rating actions, rationale and sensitivities, please see www.moodys.com and www.fitchratings.com.

For editors:

Andriy Bondarenko
Head of Investor Relations
Tel: +41 22 591 03 74 (Switzerland)
Tel: +380 62 388 16 24 (Ukraine)
andriy.bondarenko@metinvestholding.com

Yana Kalmykova
Manager of Investor Relations
Tel: +380 62 389 71 36 (Ukraine)
yana.kalmykova@metinvestholding.com

METINVEST GROUP is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, Europe and the US, as well as a sales network covering all key global markets. The Group has two operating segments, Metallurgical and Mining. Its strategic vision is to become a leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns above the industry benchmarks. For the nine months ended 30 September 2016, the Group reported revenues of US$4.6 billion and an EBITDA margin of 22%.

METINVEST HOLDING LLC is the management company of Metinvest Group.