Fitch Ratings, the international rating agency, has affirmed Magnitogorsk Metal and Steel Works’ ('MMK') Senior Unsecured rating at 'BB-' (BB minus). The Outlook for the rating remains Stable.
   Fitch acknowledges that MMK was able to benefit both from the positive pricing development on the international steel market in 2003 and its close geographical proximity to the buoyant Chinese market. The latter accounted for 30% of its total exports in Asia.
    The 'BB-' rating reflects MMK’s strong track record in financial performance and accessing capital markets, and its planned focus on value-added products to support revenue growth
    The Stable Outlook reflects Fitch’s expectations that MMK will continue to derive its revenue mainly from the domestic market, as the Russian economy expands further.