Aperam upgraded to Investment Grade (Baa3) by Moody's
February 15 2017 - 1:30AM
Luxembourg, 15 February 2017
- Aperam announces today that its Long Term Issuer rating has
been upgraded to Investment Grade by Moody's, in recognition of its
sustainable financial performance. Aperam's Long Term Issuer
rating by Moody's is now at Baa3, with stable
outlook.
"Our decision to upgrade
Aperam to investment grade reflects the company's strong operating
performance, robust cash flow generation and successful efforts to
de-lever over the past three years, as well as its ability to
further reduce debt and maintain profitability over the coming
12-24 months," said Hubert Allemani, a Moody's Vice President -
Senior Analyst and lead analyst for Aperam.
Since the creation of Aperam in 2011, the Company has successfully
pursued a strategy designed to reinforce its resilience to
challenging market conditions based on self help measures.
The key strategic priorities of the company are based on improving
its operational excellence and profitability through the Leadership
Journey®, driving value through the Top Line strategy,
generating positive cash flows, and disciplined cash
allocation policy thereby leading to a strong balance sheet
consistent with Investment Grade Financial ratios.
Timoteo Di Maulo, CEO of
Aperam, commented:
"I am very proud of our
upgrade to Investment Grade by Moody's which is a recognition of
our endless focus to make Aperam a stronger company. It also
reflects the recognition of our financial policy maximising the
long term growth of the company and value accretion while
maintaining a strong Balance Sheet consistent with Investment Grade
Financial ratios. Looking forward, we remain confident in our
ability to execute our strategic priorities and to continue
generating solid cash flows while maintaining a strong balance
sheet."
About Aperam
Aperam is a global
player in stainless, electrical and specialty steel, with customers
in over 40 countries. The business is organized in three primary
operating segments: Stainless & Electrical Steel, Services
& Solutions and Alloys & Specialties.
Aperam has 2.5 million
tonnes of flat Stainless and Electrical steel capacity in Brazil
and Europe and is a leader in high value specialty products. Aperam
has a highly integrated distribution, processing and services
network and a unique capability to produce stainless and specialty
from low cost biomass (charcoal). Its industrial network is
concentrated in six production facilities located in Brazil,
Belgium and France.
In 2016, Aperam had
sales of USD 4.3 billion and shipments of 1.92 million
tonnes.
For further information, please refer to our website at
www.aperam.com
Contact
Corporate Communications / Laurent
Beauloye: +352 27 36 27 103
Investor Relations / Romain Grandsart: +352 27 36 27 36
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aperam via Globenewswire
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