Fitch gives Steel Funding notes BBB-

Fitch Ratings said it assigned Steel Funding Ltd.'s dollar-denominated loan participation notes a BBB-(EXP) expected foreign currency senior unsecured rating.

Steel Funding is a special purpose financing vehicle of OJSC Novolipetsk Steel. The notes will be issued on a limited recourse basis for the sole purpose of funding a loan by Steel Funding to OJSC Novolipetsk Steel.

OJSC Novolipetsk Steel plans to use the net proceeds from the notes for general corporate purposes, including the refinance of upcoming debt maturities, Fitch said.

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