Fitch affirms Evraz

Fitch Ratings said it affirmed Evraz Group SA's long-term issuer default and senior unsecured ratings at BB and short-term issuer default rating at B.

The agency said that the affirmation follows the company's announcement of the acquisition of Ipsco's Canadian plate and pipe business from SSAB for a net cost of $2.3 billion.

At the same time, Fitch said it has affirmed the ratings of Mastercroft Ltd., Evraz's core subsidiary with most of its assets concentrated in Russia, at long-term issuer default rating BB and short-term issuer default rating B.

Evraz Securities SA's senior unsecured rating is affirmed at BB, Fitch said, adding that the outlooks for Evraz's and Mastercroft Ltd.'s long-term issuer default ratings are stable.

Fitch said it views positively the increase in-scale of Evraz's operations as well as the increasing geographical diversification of the company's business.

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