S&P changes Evraz to positive

S&P said it revised its outlook on Evraz Group SA and EvrazHolding Finance LLC to positive from stable.

The agency affirmed the BB long-term issuer credit ratings on both entities.

S&P also affirmed the BB issue rating on Evraz' senior unsecured debt.

“The outlook revision acknowledges that Evraz' achieved and anticipated improvements in cash flow generation could lead to stronger credit metrics that are in line with a BB+ rating,” the agency said in a news release.

“Importantly, we believe that, if supportive steel prices and local steel demand prevail for longer than we anticipate, Evraz' credit metrics could be more sustainable than we currently assume, with funds from operations (FFO) to debt well above 45% through the cycle.”

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