Fitch corrects Evraz Group

Fitch said an error occurred in the Evraz Group release published on April 15. The correction includes the affirmation of the short-term rating. A corrected version follows.

Fitch has upgraded Evraz Group SA's long-term foreign currency issuer default rating to BB- from B+, the agency said. The outlook is stable.

Fitch has also affirmed Evraz's short-term foreign currency IDR at B, upgraded its senior unsecured rating to BB- from B+ and assigned its prospective eurobond issue an expected BB-(exp) rating.

The upgrade reflects improvements in Evraz's capital structure and liquidity position the agency said. Fitch said it views positively Evraz's successful refinancing of its short-term loans in 2010. Fitch said the stable outlook reflects its expectations that Evraz will be able to maintain its comfortable liquidity position and continue de-leveraging.

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