Public Joint Stock Company Chelyabinsk Pipe plant (ChelPipe), a leading Russian manufacturer of pipe products and provider of integrated solutions for companies of the fuel and energy complex, announces that Fitch Ratings («Fitch») has revised its outlook on ChelPipe from Negative to Stable. Fitch also affirmed the Company’s «BB-» long-term issuer default rating.
According to Fitch statement, ChelPipe’s upgrade to a Stable outlook reflects the Company’s deleveraging as well as steady demand for pipe products during the next several years.
Fitch analysts maintained their view of the Company as one of the leading manufacturers of tubular goods with high share of value-added products and long-term relations with its key customers.
Recovery of Stable Outlook on our long-term issuer default rating confirms the success of our development strategy. Balanced capital expenditure program, implementation of the operational improvements program, as well as a proactive position in the management of the loan portfolio allow us to demonstrate stable financial and operational results.ChelPipe CFO