S&P elevates Petropavlovsk

S&P said it raised its long-term corporate credit rating on Petropavlovsk plc to B from B-.

S&P also raised its issue rating on the recently issued $500 million senior unsecured eurobond issued by Petropavlovsk 2016 Ltd., a finance vehicle wholly owned by Petropavlovsk plc, to B from B-.

The agency removed both ratings from CreditWatch, where S&P had placed them with positive implications on Oct. 24. The outlook is stable.

“We understand that Petropavlovsk has now used the US$500 million funds raised from the notes to prepay the outstanding loans with its two core lenders Sberbank and VTB. This is in line with our conditions for an upgrade to B from B-,” S&P said in a news release.

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