KYIV, Jan 31 - S&P has changed its outlook on the ratings of the Ukrainian metals and mining company Metinvest to positive and affirmed its B- ratings, according to the rating agency's press release.

"Metinvest's rating may be raised by one notch to B over the next six to 12 months if its performance is in line with S&P's base case and if it builds a track record in terms of its free cash flow allocation. S&P expects Metinvest's results were strong last year, with EBITDA of more than $2.3 billion, supported by high iron ore prices and steel margins. Metinvest is likely to further reduce its debt and resume paying dividends in 2019-2020, according to S&P. Adjusted FFO to debt is expected to be around 40% this year, down from an estimated 55%-60% last year. Capex budget is estimated at some $700 million for each of the years 2019-2020," the report says.