S&P upgrades Alrosa, bond to BB+

S&P said it raised the long-term corporate credit rating on Alrosa PJSC to BB+ from BB and affirmed the short-term rating at B.

The outlook is stable.

The agency also upgraded the issue rating on Alrosa’s $1 billion Eurobond to BB+ from BB.

The B rating on the commercial paper program was affirmed.

S&P said the action reflects its view that Alrosa will sustain very low debt leverage and positive free operating cash flow (FOCF) generation over the next two years despite potential pressure on rough diamond prices and inherent industry volatility.

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