Moody's ups Evraz notes

Moody's Investors Service said it upgraded the senior unsecured notes issued by Evraz plc to Ba1 from Ba2. The agency also withdrew the company's Ba1 corporate family rating and Ba1-PD probability of default rating, as per the rating agency's practice for corporates transitioning to investment grade.

"The upgrade reflects the stronger credit profile of the Evraz group overall, which we now view as comparable in aggregate to Baa3 peers. However, the Ba1 senior unsecured instrument rating at the Evraz plc holdco level is still positioned a notch lower reflecting continued structural subordination of this instrument to senior unsecured debt raised at operating company level. The upgrade also reflects our expectation that the company will maintain strong credit metrics and conservative financial policy post coal assets demerger under various steel, coal and iron ore price scenarios" said Denis Perevezentsev, a vice president and senior credit officer at Moody's, in a press release.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.