This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Metinvest Downgraded to CCC- on Refinancing and Liquidity Risks
July 8, 2025
Metinvest, a steel and mining company headquartered in Ukraine, was downgraded to CCC- from CCC by Fitch. The rating agency cited refinancing risks as its $428mn dollar bond comes due in April 2026, and they forecast that Metinvest will lack sufficient liquidity to repay these notes. Fitch notes that estimated cash of $320mn at end-2025 will be sufficient to serve coupon payments in 2025 but not the principal due in April 2026. Fitch expects EBITDA to drop from $910mn in 2024 to $500mn in 2025, as complete suspension of the Pokrovske Coal site has increased steel production costs and reduced coal profits. FX restrictions further limit liquidity, as National Bank of Ukraine’s moratorium only allows companies to send cash abroad to cover dividend payments, but principal payments remain restricted.
Metinvest 7.75% 2029s are down by 0.16 points to 77.78, yielding 14.97%.
For more details, click here.
Go back to Latest bond Market News
Related Posts:
S&P Upgrades Yanlord by One Notch to ‘BB’
March 16, 2018
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.