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Metinvest Upgraded to CCC+ by S&P
June 11, 2026
Metinvest B.V. was upgraded by two notches to CCC+ from CCC- by S&P. The upgrade follows the company’s repayment of its 2026 bonds in April, funded using available internal cash and working capital adjustments. The $427.6mn repayment removes the immediate liquidity pressure that drove the prior downgrade. Post-repayment cash balances stood at approximately $150mn (excluding $50mn in restricted cash) as of early-May 2026. S&P expects Metinvest to generate positive free operating cash flow of $80–120mn per quarter, sufficient to cover interest payments in 2026, and to gradually build a cash buffer ahead of the next bond maturities of $322.4mn in October 2027 and $500mn in October 2029. While its management expects the liquidity position to improve via delayed VAT refunds from the Ukrainian government and lower input prices, S&P is skeptical given the unpredictable nature of working capital swings. Metinvest is exploring a potential new bond issuance to secure long-term funding, but capital market access remains constrained by elevated risk premiums and heightened geopolitical risk, including the effective closure of the Strait of Hormuz. Operationally, war-related headwinds persist. Besides, electricity shortages have also driven energy costs sharply higher.
Metinvest’s 7.65% 2027s were stable at 97.3, yielding 9.86%.
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