Fitch upgrades Evraz, Mastercroft

Fitch Ratings said it upgraded to BB from BB- Evraz Group SA's issuer default and senior unsecured ratings, subsidiary Mastercroft Ltd.'s issuer default rating and Evraz Securities SA's senior unsecured notes. The short-term ratings of Mastercroft and Evraz were affirmed at B.

The outlook is stable.

The upgrade reflects the agency's increased confidence that Evraz's strong business profile as a low-cost, vertically integrated steelmaker with a high degree of self-sufficiency in raw materials will allow it to maintain a conservative financial profile throughout the steel price cycle. It also reflects Evraz's successful track record of integrating acquired assets and the progress made in improving the quality of corporate governance and transparency following the group's initial public offering in June 2005.

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