Fitch assigned the planned issue of Metinvest B.V. Expected rating "B-"

Fitch Ratings-London/Moscow-26, 2010. Today Fitch Ratings assigned the expected priority unsecured rating "B-" the planned issuing bonds of the issuer Metinvest B.V. (hereinafter - "Metinvest"). (The rating is restrained by the sovereign ratings of Ukraine ("B-"/Forecast "Stable"/"B")). Also, the upcoming release was assigned the expected return rating of RR4 assets. The final rating will be assigned after studying social statistics and obtaining the final documentation, which should mainly comply with the previously received information, as well as after confirming the volume and deadline for applying bonds.

Metinvest has the following ratings: the long-term rating of the issuer default ("RDE") in the foreign currency "B-", long-term RDE in the national currency "B" and the national long-term rating "AA+(UKR)". The forecast for all three ratings is "stable." Metinvest also has a short -term RDE in foreign currency "B", short -term RDE in the national currency "B" and the national short -term rating "F1+(UKR)". Long-term RDE in foreign currency is still restrained by sovereign ratings of Ukraine. The return rating of assets for priority unsecured duty is at the RR4 level.

Metinvest plans to use bond revenues to finance the capital investment program and for general core. The trust agreement and other transaction documents are regulated by English law. The bonds have a complete unconditional irrevocable guarantee on a joint -based basis from the main operational assets of Metinvest.

The expected term of the bond appeal is five years. The conditions contained in the Avenue of the issue provide that bonds will be considered at least equal in order to fulfill all the priority, unsuccessful unconditional and unsecured debt obligations of Metinvest, and also include a restriction on the provision of assets as security (at the same time, an extensive list of permissible use of assets as security as security), restrictions on the conduct of the conduct) Merciles/sale of business assets and certain restrictions on the payment of dividends and for transactions with affiliated structures. In addition, the Avenue of the Avenue of Bonds includes the Covenant according to the coefficient of the consolidated leftist ("Debt/EBITDA") in 3x.

In 2009, Metinvest, according to the reporting, had consolidated revenue of 6,026 million dollars, which is 55% lower than in 2008, and was due to a global recession and a decline in the steel industry. According to the reporting, the company had an EBITDAR margin at 23% (2008: 35%). In accordance with the internal forecasts of the FITCH according to the conservative rating scenario, in 2010, Metinvest revenue will be 8%-10%higher than 2009, and the EBITDAR margin will be 23%-27%.

In 2009, Metinvest had a total debt