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Fitch upgrades three Russian steel companies
Fitch Ratings said it upgraded OJSC Novolipetsk Steel, OJSC Magnitogorsk Iron and Steel Works and OAO Severstal's ratings.
Novolipetsk Steel's long-term issuer default rating was upgraded to BBB- from BB+ and short-term issuer default rating to F3 from B and national long-term rating to AA+ (rus) from AA (rus). Its outlook is stable.
Magnitogorsk Iron and Steel Works' long-term issuer default rating was upgraded to BB+ from BB, local-currency long-term issuer default rating to BB+ from BB and national long-term rating to AA (rus) from AA- (rus). The agency also said it affirmed its short-term issuer default rating at B. The outlook is stable.
Severstal's long-term issuer default rating was upgraded to BB- from B+, senior unsecured rating to BB- with a recovery rating of RR4 from B+, senior unsecured rating to BB- with a recovery rating of RR4 from B+, local-currency long-term issuer default rating to BB- from B+ and local-currency SU rating to BB- with a recovery rating of RR4 from B+ and national long-term rating to A+ (rus) from A (rus). Its short-term issuer default rating was affirmed at B. The outlook is stable.
The upgrades follow an industry review. The main driver of the upgrades was the improvement of companies' operational profiles, Fitch said.
Russian steel market fundamentals remain strong and the companies would likely benefit from an expected increase of apparent steel consumption in Russia, the agency said.
The ratings continue to be constrained by the companies' exposure to the weak Russian business environment with the associated higher-than average political, business and regulatory risks, Fitch said.
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