HomeProduct Complimentary download S&P lowers NLMK’s credit rating

S&P lowers NLMK’s credit rating

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Publish time: 1st July, 2013      Source: ChinaCCM
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It's reported that Standard & Poor's (S&P) has lowered Russian NLMK's long-term corporate credit rating to "BB+' from "BBB-".

S&P explained that the downgrade was based on weak global steelmaking and a conservative estimate of the country risk for Russia.

Besides, S&P said that NLMK in indirectly exposed to low capacity utilization globally, especially in Europe.

NLMK stated that the global steel market is currently experiencing a difficult time, which will impact the outlook for the sector.

Nevertheless, since the market has remained weak for over twelve months, it may be a catalyst for the recovery after closure of certain inefficient production facilities.