Ukrainian metals firm Metinvest has secured a two-year US$75mn pre-export finance loan from Rabobank.

The loan will go towards Metinvest’s continuing plant modernisation and for general corporate purposes.

This is the mining and steel company’s first loan in 2011, and follows a US$700mn syndicated loan arranged by Deutsche Bank in 2010, which attracted 14 banks.

The loan could mark a return of cautious optimism to the Ukrainian market, after the country saw its rating downgraded to CCC+, seven levels below investment grade, by Standard and Poor’s in 2009.

Ukraine’s current rating by S&P is B+.