S&P boosts Azovstal

Standard & Poor's said it raised its long-term corporate credit rating on JSC Azovstal Iron and Steel Works to B+ from B- on support from its parent company Metinvest BV (not rated) and strong operating performance.

The outlook is stable.

At the same time, S&P said that the rating on financial vehicle Azovstal Capital BV's $175 million senior unsecured loan participation notes was raised to B from B- while the recovery rating on the notes is now 5.

According to the agency, the ratings reflect Azovstal's stand-alone credit quality as well as its expectation that it will receive ongoing and extraordinary support from its financially stronger parent company Metinvest, which controls 97% of Azovstal's shares.

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