Moody's rates Evraz notes B1

Moody's Investors Service said it assigned a provisional B1 rating to the proposed dollar-denominated senior unsecured notes to be issued by Evraz Group SA.

The maturity, size and pricing of the notes are subject to prevailing market conditions during placement.

The outlook is stable.

"Moody's assignment of the provisional B1 rating to the new senior unsecured notes, which is one notch below the company's Ba3 corporate family rating reflects the instrument's relative position in the capital structure of Evraz and that the notes will be: (a) structurally subordinated to other unsecured indebtedness of operating companies of the group, currently representing 22% of the group's total debt; (b) used to refinance Evraz's existing indebtedness; and (c) senior unsecured and have pari passu ranking with other unsecured obligations of Evraz," Moody's senior vice president and lead analyst for Evraz Steve Oman said in a news release.

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