http://www.finamrus.com/newtopics/news0393D/default.asp
International rating agency Standard & Poor's has confirmed MMK's long-term credit rating at BB and the national scale rating of ruAA, the agency said in a press release. The ratings carry a positive outlook. "MMK is far away from sea ports, with production facilities based within a single production site, it has no vertical integration when it comes to raw material output and it depends on fluctuations in prices that are common for commodities markets. These are the main drawbacks exerting an adverse impact on the company's business profile and its current rating" – S&P credit analyst Andrey Nikolaev announced. When making ratings the agency also took into consideration the fact that MMK plans to make large-scale investments in upgrading its production base. MMK's ratings are positively influenced by low costs, which translates into strong margins and cash flow figures, the favorable environment on the global steel market, and also its improving financial performance and corporate governance standards.
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