PJSC Magnitogorsk Iron and Steel Works: MMK notifies that S&P Global Ratings has downgraded MMK's credit rating

PJSC Magnitogorsk Iron and Steel Works (MMK) PJSC Magnitogorsk Iron and Steel Works: MMK notifies that S&P Global Ratings has downgraded MMK's credit rating 09-March-2022 / 08:00 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. MMK notifies that S&P global ratings has downgraded MMk's credit rating   9 march 2022 Magnitogorsk, Russia PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies that S&P Global Ratings has downgraded MMK's credit rating to 'CCC-' from 'BBB-', the same level as the foreign currency rating and the transfer and convertibility assessment on Russia, to reflect the heightened sovereign risk for all Russian corporate issuers. At the same time, S&P Global Ratings placed MMK's issuer credit and issue ratings on CreditWatch with negative implications. The full press-release of S&P Global Ratings is available at: https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2805568         About MMK MMK is a Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2021, MMK produced 13.6 mln tonnes of crude steel and sold 12.5 mln tonnes of commercial steel products. Group revenue in 2021 totalled USD 11,869 mln, with an EBITDA of USD 4,290 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.09? at the end of 2021. MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 20.2%. Subscribe to our official MMK channel in Telegram, to be the first to know about key MMK news.     Investor Relations Department Veronika Kryachko [phone] [e-mail]   ESG DEPARTMENT Yaroslava Vrubel [phone] [e-mail]   Communications Department Dmitriy Kuchumov   [phone] [e-mail]   KEY UPCOMING EVENTS IN 2022 Financial calendar   13 April Q1 2022 Trading Update 19 April Q1 2022 IFRS financials

ISIN:	US5591892048
Category Code:	MSCL
TIDM:	MMK
LEI Code:	253400XSJ4C01YMCXG44
Sequence No.:	147744
EQS News ID:	1297761

End of Announcement	EQS News Service