Moody’s upgrades Raspadskaya Securities notes

Moody’s Investors Service said it upgraded to B1 (LGD 5) from B2 (LGD 4) the senior unsecured rating assigned to Raspadskaya Securities Ltd.’s $400 million loan participation notes due 2017, which the company issued to finance a loan to Raspadskaya, OAO (Raspadskaya).

The move reflects the credit uplift gained from Raspadskaya becoming a majority-owned indirect subsidiary of Russian integrated steel making and mining company Evraz Group SA (Ba3 stable).

Moody's has also affirmed Evraz’s Ba3 corporate family rating, Ba3-PD probability of default rating and B1 rating of its senior unsecured notes (LGD 5), as the company’s low-cost profile, stable cash flow generation and solid liquidity will continue to underpin its current credit profile.

The outlook is stable.

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