Credit rating agency Moody’s stops following the Amsterdam-based stainless steel company Aperam for “business reasons”. Moody’s had a rating of Baa3 with a stable outlook on Aperam.
Moody’s move has to do with Aperam’s request to the credit bureau and industry partner Standard & Poor’s (S&P) earlier this month to remove the company from their rating services. CEO Timoteo Di Maulo stated that, according to him, the rating services are no longer necessary “in view of our low debt and the nature of the financing needs”. Aperam maintains that it will continue to strive to maintain its current credit rating.
On Thursday, Aperam stated that it had completed its share buyback program. In total, around 3.7 million items were purchased for almost 93 million euros.