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Moody's Downgrades Mechel OAO’s CFR and PDR Ratings, Outlook Negative-Interfax


Monday, 18 Mar 2013 02:22am EDT 

Interfax reported that International rating agency Moody's on March 18, 2013 downgraded the corporate family rating (CFR) of Mechel OAO from B2 to B3, and the rating of the probability of default (PDR) - a B2-PD to B3-PD , according to a press release from the agency. The rating outlook downgraded from stable to negative. In addition, Moody's Interfax agency downgraded the rating of the Company on a national scale (NSR) with A3.ru to Baa3.ru. The outlook for this rating is also changed from stable to negative. The rating were changed due to the group's high leverage, its impending breach of financial covenants and uncertainties surrounding their renegotiation, as well as low coking coal prices and the challenges this presents for the group given its limited liquidity and high level of refinancing risk. 

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