Moody's ups KRU

Moody's Investors Service said it upgraded the corporate family rating for Kuzbassrazrezugol (KRU) from B3 to B2, along with its national scale rating from Baa3.ru to Baa1.ru.

The outlook is stable.

The upgrade reflects material improvement in operating performance based on 2009 audited financial results, Moody's said.

The improvements were driven by growing demand and rising prices for thermal coal domestically and stable performance on the export market supported by established sales channels, the agency said.

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