S&P boosts Novolipetsk Steel

Standard & Poor's said it raised its long-term corporate credit rating on OJSC Novolipetsk Steel to BB+ from BB.

The outlook is stable.

S&P added that the Russia national-scale rating was also raised to AA+(ru) from AA(ru).

The agency noted that the upgrade reflects the company's continuing strong performance and conservative financial policies, adding that the rating is constrained by the company's commodity cycle exposure, asset concentration, significant investment needs and by the risks related to operating in Russia.

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