Stock Market Wire reported that ratings agency Fitch has upgraded Magnitogorsk Iron and Steel Works' credit ratings.

The long term IDR rating was upgraded to BB+ from BB with stable outlook while the national long-term rating was upgraded to AA from AA-with stable outlook.

The upgrade of MMK's ratings reflects the finalization in 2011 of scaled investment projects which will considerably strengthen the company's position as a producer of high value-added steel products and improves its geographic diversification of assets and revenues.

(Sourced from StockMarketWire.com)