Moody’s lifts Eurasian Resources

Moody’s Investors Service said it upgraded to B2 from B3 the corporate family rating and to B2-PD from B3-PD the probability of default rating of Eurasian Resources Group Sarl and changed the outlook to positive from stable.

Concurrently, Moody's upgraded the baseline credit assessment to b3 from caa1.

The agency said the upgrade reflects the company's improved leverage and interest coverage metrics and continuing adequate liquidity, as well as Moody's expectation of further improvement in the company's leverage and interest coverage metrics over the next 12 to 18 months.

Moody’s said the corporate family rating reflects Kazakhstan's Baa3 foreign currency rating, the high default dependence between Eurasian Resources and the government and the moderate probability of government support in the event of financial distress.

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