Moody's ups Evraz outlook to positive

Moody's Investors Service said it changed the outlook on Evraz Group SA's Ba3 corporate family rating, B2 senior unsecured global bonds and Evraz Securities SA's B1 senior guaranteed eurobonds to positive from stable.

The change in the outlook reflects Evraz's continuous robust performance in 2006 and Moody's expectation that the Russian steel market will remain resilient and will continue to support the financial performance of the group. In the first half of 2006, Evraz reported $3.7 billion of revenues and $1.1 billion of EBITDA, while cash flow generation improved and liquidity remained satisfactory.

The positive outlook also reflects Moody's expectation that Evraz will sustain its strong financial metrics and maintain cash flow cushion to service the increased absolute level of debt through the cycle, particularly as its substantial capex program in Russia is at its closing stages.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.