Evraz welcomes Fitch Ratings’ upgrade of Evraz Group S.A. to ‘BB‘
October 9, 2006– 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 Evraz Group S.A.’s Issuer Default (‘IDR’) and senior unsecured ratings from ’BB-‘to ‘BB’. The Agency also upgraded the IDR of Cyprus-registered Mastercroft Limited to ‘BB’ from ‘BB-‘ as well as the Senior Unsecured Notes issued by Mastercroft’s 100% owned subsidiary, Evraz Securities S.A. At the same time Fitch’s affirmed the Short-term ‘B’ rating of both Evraz and Mastercroft.
In its press release Fitch Ratings commented that the rating action reflects Evraz’s strong business profile as a low-cost, vertically integrated steelmaker with a high degree of self-sufficiency in raw materials as well as its successful track record of integrating acquired assets.
Pavel Tatyanin, Evraz Group’s Chief Financial Officer, said:
“We are very happy to receive an upgrade from Fitch Ratings. We believe that it affirms Evraz’s strong commitment and continuous efforts to being a world class steel and mining company, as well as our adherence to best principles of corporate governance and transparency. We view it as an important step towards achieving a medium-term strategic target – the investment grade rating for Evraz.”
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