MUMBAI (Thomson Financial) – Fitch Ratings said it has upgraded the long-term foreign and local currency issuer default ratings and senior unsecured debt rating of Sumitomo Metal Industries Ltd (SMI) to ‘BBB’ from ‘BBB-‘ reflecting the Japanese steelmaker’s improved financial profile, its consistent high profit margins and reduction in earnings volatility. The ratings agency also affirmed SMI’s short-term local and foreign currency IDRs at ‘F3’ and the outlook on the ratings remains stable. Fitch said the company’s focus on the high-end seamless pipes, for which competition is very limited, allows it significantly higher average sales price per tonne. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. read more
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