Moody's has affirmed at Caa1 the corporate family ratings (CFR) and Caa1-PD the probability of default ratings (PDR) of five companies operating in Ukraine , namely: Metinvest B.V ., Fintest Trading Co Limited (Donetsksteel), MHP S.A. , Lemtrans LLC and Ferrexpo Plc , the agency said. Moody's has also confirmed the national scale ratings (NSR) of Metinvest B.V., Fintest Trading Co Limited (Donetsksteel), MHP S.A. and Lemtrans LLC at Ba3.ua. In addition, Moody's has confirmed at Caa1/(P)Caa1 senior unsecured ratings of notes issued by Metinvest B.V ., Ferrexpo Finance plc and MHP S.A. The rating action follows Moody's action to downgrade Ukraine's sovereign (government bond) rating to Caa2 from Caa1 with a negative outlook. Concurrently, the rating agency assigned a negative outlook to all the above ratings. The affected companies' business profiles and financial metrics are strong for a Caa1 rating. However, their ratings are constrained by that of the sovereign, because the companies are exposed to Ukraine's political, legal, fiscal and regulatory environment, given that most or all of their assets are located within the country.
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