Fitch raises Mastercroft, Evraz

Fitch Ratings said it upgraded Mastercroft Ltd.'s senior unsecured rating and the guaranteed bonds of Evraz Securities SA to BB- from B and removed them from Rating Watch positive. The outlook is stable.

At the same time, Fitch said it affirmed Mastercroft's short-term B rating.

Fitch said the upgrade reflects Mastercroft's significant business transformation following the consolidation of mining assets in fiscal year 2004 and material financial improvements over the last two years. In fiscal year 2004 turnover and EBITDA were substantially ahead at $5.9 billion and $2.0 billion, respectively, at a much enhanced margin of 34%, up from 21% in fiscal year 2003.

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