S&P upgrades Evraz notes

S&P said it removed the senior unsecured issue ratings on Evraz Group SA from under criteria observation and raised the rating on the group's senior unsecured notes to BB- from B+.

The agency said the actions stem solely from the application of its revised issue rating criteria and do not reflect any change in the assessment of the corporate credit rating.

“Although these debt instruments rank behind the secured debt and debt issued by subsidiaries in the capital structure, we believe the risk of subordination is mitigated by the amount of priority debt obligations, which represents less than one-half of the group's total debt,” the agency said in a news release.

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