Fitch rates Evraz notes BB-

Fitch Ratings said it assigned a final BB- senior unsecured rating to Evraz Group SA's $750 million 8¼% unsecured notes due in 2021.

The rating is in line with Evraz's long-term issuer default rating of BB- with stable outlook.

The bonds rank pari passu with existing senior unsecured debt and include limitations on additional indebtedness, Fitch said.

Simultaneously with the bond issue, Evraz tendered its 2017 and 2018 existing bonds, using $550 million to reduce the outstanding amount across all three series, the agency said.

The remaining funds are held in reserve to meet other debt maturities.

Despite challenging market conditions, Evraz's financial performance remained strong, Fitch said.

The agency said it expects that the company will continue using a significant portion of its free cash flow for further debt reduction.

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