S&P upgrades Koks

Standard & Poor's said it raised its long-term corporate credit rating on Koks to B from B-.

The outlook is stable.

At the same time, the agency raised its issue rating on the $350 million senior unsecured loan participation notes to B- from CCC+. The 5 recovery rating on these notes remains unchanged.

S&P said the upgrade reflects Koks’ improved credit metrics due to better-than-expected operating profitability and Russian ruble depreciation. The agency thinks that this will support liquidity and enhance the company's flexibility to partially finance its steel project.

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