KYIV, July 18 – Fitch Ratings has affirmed Metinvest B.V.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and senior unsecured rating at 'CCC.' The Recovery Rating is 'RR4.'

According to a press release, they have also downgraded Metinvest's National Long-Term rating to 'BBB(ukr)' from 'AA+(ukr)' and its National Short-Term rating to 'F3(ukr)' from F1+(ukr).' The Outlook for the National Long-Term Rating is Stable.

At the same time, it is noted that the 'CCC' IDR reflects heightened operating risk for Metinvest since Ukraine's military invasion by Russia, including the occupation or damage of some of its assets, as well as severe logistical constraints. We estimate that around 30% of the group's 2022 EBITDA was generated by international assets.