London, 26 March 2015 -- Moody's Investors Service has today downgraded to Caa3 from Caa2 the corporate family ratings (CFRs) and to Caa3-PD from Caa2-PD the probability of default ratings (PDRs) of three companies operating in Ukraine (Ferrexpo Plc, Metinvest B.V. and MHP S.A.).

Rating Action: 

Moody's downgrades ratings of three issuers in Ukraine to Caa3; negative outlook

Global Credit Research - 26 Mar 2015

Action follows downgrade of Ukraine's sovereign rating and lowering of foreign-currency bond ceiling

London, 26 March 2015 -- Moody's Investors Service has today downgraded to Caa3 from Caa2 the corporate family ratings (CFRs) and to Caa3-PD from Caa2-PD the probability of default ratings (PDRs) of three companies operating in Ukraine (Ferrexpo Plc, Metinvest B.V. and MHP S.A.).

The rating action follows Moody's decision (on 24 March 2015) to (1) downgrade the Government of Ukraine's sovereign (government bond) rating to Ca from Caa3 with a negative outlook, and (2) lower the country's foreign-currency bond country ceiling to Caa3 from Caa2. For additional information on sovereign ratings, please refer to the webpage containing Moody's related announcementhttps://www.moodys.com/research/--PR_320764.

Concurrently, Moody's has downgraded the national scale corporate family ratings (NSR) of

 Metinvest to Caa3.ua from B1.ua and 

MHP to Caa2.ua from B2.ua. In addition, Moody's has

 downgraded the ratings on the senior unsecured notes and the MTN programme issued by

 Metinvest B.V. to Caa3/(P)Caa3 from Caa2/(P)Caa2, and downgraded the senior unsecured notes issued by 

Ferrexpo Finance plc and 

MHP S.A. to Caa3 from Caa2. The outlook on all the ratings is negative.