Moody's confirms Evraz

Moody's Investors Service said it confirmed Evraz Group's Ba2 corporate family rating, the Ba2 rating for the senior notes due 2009 and the Ba3 rating for the senior notes due 2015.

In addition, Moody's said it assigned a provisional Ba3 rating to the proposed dollar notes to be issued by Evraz Group SA

The outlook was changed to negative.

The agency said that this rating action concludes the review for possible downgrade for Evraz's ratings initiated on March 17, following Evraz's announcement on March 15 that it had reached an agreement to acquire Ipsco's tubular business for $4.025 billion with a back to back agreement with OAO TMK (rated Ba3) and its affiliates to resell certain of the acquired businesses to TMK for $ 1.2 billion in 2008 and that its expects additional $ 0.5 billion disposals to be executed in 2009.

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