Moody’s gives Evraz notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Evraz plc's proposed senior unsecured notes.

Evraz's Ba1 corporate family rating, Ba1-PD probability of default rating and stable outlook are not affected.

Evraz intends to use the proceeds from the proposed notes to refinance its existing debt, including the purchase of the company's outstanding $700 million senior notes due April 2020 under the tender offer announced by Evraz on March 18.

The rating of Evraz's proposed notes is one notch below the company's corporate family rating, reflecting a view that the notes will rank pari passu with other unsecured and unsubordinated obligations of Evraz group, and will be structurally subordinated to more senior obligations of Evraz group, primarily to unsecured borrowings at the level of the group's operating companies, including its two core steelmaking plants Evraz NTMK and Evraz ZSMK, Moody’s 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.