Moody's ups Novolipetsk outlook to stable

Moody's Investors Service said it has changed the outlook for Novolipetsk Steel OJSC's Ba1 corporate family rating and the outlook on the company's Aa1.ru national-scale rating to stable from negative.

This rating action reflects the fact that the company was able to show resilient performance and credit metrics for 2008 and 1H 2009, the agency said.

Although the global operating environment for steel producers continues to be challenging, the recent operating update indicates that the company is able to demonstrate improving profitability, sound liquidity profile, and conservative financial metrics, Moody's added.

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