S&P rates Koks B

Standard & Poor's said it assigned a B long-term corporate credit rating to OAO Koks.

The outlook is stable.

The rating is constrained by exposure to cyclical commodity markets, by large capital-expenditure needs to modernize its pig iron facility and ensure 100% self-sufficiency in coking coal and iron ore, S&P said, and by an evolving governance system in this essentially family-controlled business.

These constraints are partly offset by the benefits of vertical integration and a track record of stable performance through the 2008-2009 crisis, the agency said.

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