Moody's affirms VAT Zaporizhstal

Moody's Investors Service said it affirmed the B3 corporate family rating for VAT Zaporizhstal with a stable outlook.

The rating reflects the company's stable, but below-industry average operational and financial results in 2006 and first six months of 2007, the agency said. The rating is underpinned by continued benign market conditions for Ukrainian steel producers, Moody's added.

Going forward, Moody's said it expects that on-going capital expenditure investments aimed at replacement of outdated technology and efficiency gains should enable the company to better control costs and at the same time to further develop higher value-added products.

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