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S&P ups Evraz
Standard & Poor's said that it has raised Evraz Group SA's corporate credit rating to B+ from B.
The outlook is stable.
S&P raised the Russia national scale rating on Evraz to ruA from ruA- and the long-term rating on the debt instruments issued by Evraz to B+ from B. The recovery rating on this debt remains at 4, indicating the expectation of average (30%-50%) recovery in the event of a payment default.
The upgrade reflects an improvement of Evraz's liquidity, following the refinancing of short-term debt, S&P said.
The ratings also consider stronger financial performance in 2010 and 2011 on the back of more favorable industry conditions, the agency said.
The ratings consider Evraz's aggressive financial risk profile, adequate liquidity and fair business risk profile, the agency added.
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