Fitch affirms Evraz Group

Fitch Ratings said it has affirmed Luxembourg-based Evraz Group SA's (EG) issuer default and senior unsecured ratings of BB- and its short-term B rating following the announcement that a company associated with Roman Abramovich has agreed to purchase a 41.34% shareholding in the group.

At the same time, the agency affirmed the BB- issuer default and short-term B ratings of Mastercroft Ltd. (the main operating holding company within Evraz) and the BB- senior unsecured rating of Evraz Securities SA.

Fitch said the purchase of the stake by Abramovich may signal a more expansionary growth strategy by Evraz.

However, Fitch noted that the ratings continue to be subject to potential future acquisition-related event risk.

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