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Moody's rates Evraz notes B1
Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Evraz North America and a B1 (LGD3, 32%) rating to the proposed $650 million guaranteed notes to be issued by Evraz Inc. NA and Evraz Inc. NA Canada.
The outlook is stable.
Proceeds of the notes will be used to repay a portion of the shareholder loans from the ultimate parent, Evraz Group SA.
The agency said the B2 corporate family rating reflects the company's highly leveraged pro forma capital structure, relatively weak levels of interest coverage, exposure to cyclical end markets, modest scale and limited free cash flow relative to outstanding debt.
However, the rating acknowledges the company's strong positions in its markets from both a geographic and product perspective, its leading market share and the importance of Evraz North America to its parent company, Moody's said.
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