S&P upgrades Evraz, bond to BB-

Standard & Poor's said it raised its long-term corporate credit rating on Evraz North America Ltd. to BB- from B+.

The outlook is stable.

The agency also raised its issue rating on Evraz North America’s $350 million senior high-yield bond to BB- from B+. The 1 recovery rating remains unchanged, reflecting an expectation of a very high recovery (90%-100%) for debtholders in the event of a payment default.

S&P said the upgrade follows the upgrade of Russian integrated steel-maker Evraz Group SA to BB- from B+. Evraz North America, which is domiciled in the U.K., is a 100% subsidiary of Evraz Group. Evraz North America is a holding company for all of the group's operations in the U.S. and Canada. Evraz North America owns 51% of Evraz Inc. NA Canada (EICA) and 100% of EICA's counterpart holding company for the U.S. operations.

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