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Outokumpu – Moody’s upgrades Outokumpu’s issuer corporate family rating to B2 with a change in outlook to positive

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Outokumpu Oyj
Press release
May 12, 2021 at 3.20 pm EEST

Outokumpu – Moody’s upgrades Outokumpu’s issuer corporate family rating to B2 with a change in outlook to positive

Moody’s has upgraded Outokumpu’s issuer corporate family rating to B2 from the previous rating of B3 and probability default rating to B2-PD from the previous B3-PD. Moody’s has also upgraded the rating for Outokumpu’s senior secured notes due 2024 to B1 from the previous rating of B2.

Further, Moody’s has upgraded the outlook on the ratings to positive – the previous outlook on ratings was stable.

Says CFO Pia Aaltonen-Forsell: “We are pleased to have completed our directed share issue to raise approximately EUR 209 million. With the proceeds of the directed share issue we will reduce the company’s net debt and financial costs. With this procedure, we will accelerate the de-leveraging of the company and thus strengthen the balance sheet.”

“Therefore, we are very pleased that following our Q1 results, successful initial strategy execution and directed share issue, rating company Moody’s has now upgraded our rating. Going forward, de-risking the company remains our key strategic priority.”

Outokumpu first obtained Moody’s rating in 2016.

For more information:

Outokumpu media desk, tel. +358 9 421 3840

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Outokumpu Oyj

 

Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs some 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com

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