S&P raises Severstal

Standard & Poor's said it raised its long-term corporate credit rating on OAO Severstal to BB- from B+.

The outlook is stable.

At the same time, the agency said that the Russia national-scale rating on Severstal was raised to AA-(ru) from A+(ru).

All ratings were removed from CreditWatch with positive implications, where they had been placed on May 26, the agency said.

S&P said that Severstal's business profile now benefits from vertical integration in coal and iron ore, which will help to mitigate swings in raw material prices and bolster profitability.

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