S&P downgrades NLMK

Standard & Poor's said it lowered its long-term corporate credit rating on NLMK OJSC to BB+ from BBB-.

The outlook is stable.

At the same time, the agency lowered the Russia national scale rating on NLMK to ruAA+ from ruAAA and the issue ratings on debt instruments issued by NLMK to BB+ from BBB-.

S&P said the downgrade reflects its reassessment of NLMK's business risk profile as "fair". This is based on what the agency sees as increased industry risk that is underlined by subpar steel capacity utilization globally and especially in Europe, to which NLMK is indirectly exposed.

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