The international ratings agency Fitch has upgraded Russian steelmaker Magnitogorsk Iron and Steel Works' long term credit rating from BB to BB+ with a stable outlook.

According to the national scale, the company's long term credit rating was increased from AA- to AA.

Fitch stated that the higher credit rating of MMK reflects the completion of large-scale investment projects in 2011 as well as the strengthening of the company's position as a producer of high value-added products.

(Sourced from Steel Orbis)
Visit www.steelorbis.com for more