Moody's ups Evraz to Ba2

Moody's Investor's Service said it upgraded the corporate family rating for Evraz Group from Ba3 to Ba2 and the probability-of-default ratings to Ba2 from Ba3.

Moody's raised the ratings for Evraz Group SA's $750 million senior unsecured global bonds due 2015 from B2 to Ba3 (LGD5, 85%) and its $300 million the senior guaranteed eurobonds due 2009 from Ba3 to Ba2 (LGD4, 55%).

The outlook is stable.

The rating upgrade reflects the continuing improvement of Evraz's operating performance and financial results supported by growing demand for steel products in Russia and international markets as well as the strengthened liquidity profile as a result of successful refinancing of short-term debt, the agency said.

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