Fitch lifts Evraz to stable

Fitch Ratings said it changed the outlook on Evraz Group SA and its holding company, Evraz plc, to stable from negative.

The agency also said it affirmed the companies' long-term issuer default ratings at BB-.

Evraz's 82% owned-subsidiary PAO Raspadskaya's long-term issuer default rating also was affirmed B+ and its outlook was revised to stable.

Fitch also said it withdrew the ratings of Raspadskaya and of Evraz plc for commercial reasons.

The stable outlook follows faster de-leveraging than initially expected, which was made possible by a better steel and coking coal price environment, the agency said.

As of December 2016 Evraz's total debt stood at $5.9 billion against $6.7 billion in 2015, which translates into gross leverage of 4.3x in 2016 against 5.6x in 2015, Fitch said.

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