Moody's lifts Novolipetsk Steel

Moody's Investors Service said it upgraded the corporate family rating for Novolipetsk Steel from Ba2 to Ba1.

The outlook is stable.

The agency said it upgraded the national-scale rating for Novolipetsk Steel from Aa2.ru to Aa1.ru.

Moody's noted that the upgrade reflects Novolipetsk Steel's ongoing solid performance in 2006 as evidenced by EBIT margins expected to remain around 30% going forward and by a strong internal cash generation, which together with its cash balances is expected to be sufficient to finance the acquisitions and significant capital expenditure into the modernization of its asset base.

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