S&P lifts NLMK notes to BBB-

S&P said it raised the rating on NLMK’s $700 million loan participation notes to BBB- from BB+.

Steel Funding Ltd., NLMK’s finance special purpose vehicle, issued the notes.

This upgrade follows the recent upgrade of NLMK to BBB-, S&P said, as well as change in the approach to rating the debt instruments issued by NLMK and Steel Funding.

The agency said it thinks the $700 million 2023 loan participation notes issued by Steel Funding for the sole purpose of financing a similar loan to NLMK satisfies the requirements for the group-rating methodology.

This allows those notes to be rated at the same level as equivalent-ranking debt of NLMK, S&P said.

© 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.