Moody's ups Evraz, rates bonds B2

Moody's Investors Service said it upgraded the corporate family rating of Evraz Group SA to Ba3 from B1 and assigned a prospective B2 rating to its proposed bond issue.

The B3 rating on the existing $175 million guaranteed senior unsecured notes due 2006 and $300 million guaranteed senior unsecured notes due 2009 issued by Evraz Securities SA was upgraded to B1.

The outlook is stable.

The corporate family rating reflects Evraz's established position in the domestic steel market and strengthened business profile, the agency said. It also reflects the high level of earnings cyclicality due to swings in demand for steel products and an increased debt due to recent acquisitions.

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