- S&P upgraded Ferrexpo’s rating to ‘B’. The outlook is stable
cite de rencontre femme The UX index increased by 1.2% yesterday and the PFTS index was up by 0.2% (in UAH terms). The WIG-Ukraine index decreased by 0.1%. On the interbank exchange market, the UAH/USD was down by 1.0% to UAH 27.93 (mid price), according to Thomson Reuters. The official exchange rate reported by the NBU was UAH 28.25.
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S&P Global Ratings raised Ferrexpo’s long-term corporate credit rating to ‘B’ from ‘B-‘. The outlook is stable. Among main reasons for the rating upgrade are improved expectations for the iron ore pellet’s premiums for 2018 which in combination with favorable market conditions will result in healthy cash flow generation. Considering the fact that the Company’s entire sales are from exports all the cash generated is in hard currency, so Ferrexpo reducing its currency risks by holding its cash outside of Ukraine. Further rating upgrade is impossible until the improvement of Ukraine’s sovereign rating which is currently ‘B-‘.
click here Our view:
click Following the recent rating upgrade made by Fitch a few weeks ago, rating increase made by another rating agency (S&P) confirms the fact of Ferrexpo’s solvency improvement resulted by its strong performance and positive financial results, which are expected to be better in 2018. Latest Debt to EBITDA ratio of 1.2, which is supposed to reduce after the partial Eurobond’s redemption upcoming in April 2018, indicates that the Company will not have any problems with repayment of its outstanding debt.
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