Evraz Group S.A. welcomes Fitch Ratings’ upgrade of Mastercroft Ltd to ‘BB-’
Moscow, July 25, 2005 – Evraz Group S.A. (LSE: EVR), one of the leading vertically integrated steel production and mining businesses with operations mainly in Russia, welcomes Fitch Ratings’ upgrade of Mastercroft Ltd.’s senior unsecured rating and the guaranteed bonds of EvrazSecurities S.A. to ‘BB-’ Outlook ‘Stable’ from ‘B’ Outlook ‘Positive’.
In its press release Fitch Ratings points that the upgrade reflects Mastercroft’s significant business transformation following the consolidation of mining assets in 2004 and material financial improvements. The upgrade also factors in Mastercroft’s improved transparency following the public listing of Evraz Group S.A.
Commenting on rating action, Pavel Tatyanin, Evraz Group Chief Financial Officer said:
“We are very pleased with the rating upgrade. We believe it reflects the achieved growth of our steel and mining platforms and enhanced financial strength of the business, as well as our ongoing efforts to increase transparency and accountability of our business.”
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