S&P ups Evraz outlook to positive

Standard & Poor's said it revised its outlook on Evraz Group SA and its core subsidiary Mastercroft Ltd. to positive from negative, following a review of the group's financial and operating performance.

At the same time, the agency said that the BB- long-term corporate credit and senior unsecured debt ratings were affirmed.

In addition, the Russia national-scale rating on Evraz and Mastercroft was raised to ruAA from ruAA-, S&P noted.

The agency said that the ratings on Evraz reflect its weak business risk profile due to being largely a commodity steel producer in a cyclical industry, with its principal cash-generating assets located in The Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2).

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