Moody's affirms Ferrexpo's Caa3 CFR; outlook negative
Moody's Ratings (Moody's) affirmed Ferrexpo plc's (Ferrexpo or the company) Caa3 long term corporate family rating (CFR) and Caa3-PD probability of default rating (PDR). The outlook remains negative. RATINGS RATIONALE The affirmation of Ferrexpo's Caa3 CFR reflects the company's exposure to gov...Ferrexpo is an iron ore pellet producer. Co. produces, develops and markets its product for sale to the metallurgical industry. Co. operate two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa. Co. also owns logistics assets in Austria which operate a fleet of vessels operating on the Rhine and Danube waterways and an ocean-going vessel. Co.'s operations are integrated from iron ore mining through to iron ore concentrate and pellet production and subsequent logistics. Co.'s mineral properties lie within the Kremenchug Magnetic Anomaly and are being extracted at the Gorishne-Plavninskoye and Lavrikovskoye and Yeristovskoye deposits.
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