Moody's cuts Evraz notes to B2

Moody's Investors Service said it downgraded Evraz Group SA corporate family rating to B1from Ba3, along with the ratings on its senior unsecured notes totaling $2.75 billion due in 2013, 2015 and 2018 to B2 from B1.

The outlook is negative.

The downgrade concludes a review that began in June. The review was focused on the 2009 operating performance and the outlook for 2010, the agency said.

The downgrade reflects the belief that Evraz will display weak credit metrics at the end of 2009, Moody's said, and the recovery of the financial performance will likely be slow despite the positive measures taken by management to adjust the cost base.

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