Fitch Rates EVRAZ plc 'BB-'; stable outlook
EVRAZ plc (LSE: EVR) (“EVRAZ” or the “Company”) welcomes the decision by Fitch Ratings to assign EVRAZ plc a Long-term foreign currency Issuer Default Rating (IDR) of 'BB-'; outlook – Stable; and a Short-term foreign currency IDR of 'B'.
The rating is the same as the current rating for Evraz Group S.A., the group's main debt issuing entity as Fitch considers the creditworthiness of EVRAZ broadly equal to that of Evraz Group S.A.
Fitch notes as the major key drivers of EVRAZ’s credit metrics healthy performance of steel-consuming industries, the Company’s competitive cost position, driven in particular by high self-sufficiency in key raw materials (iron ore and coking coal), and expected positive impact of the Raspadskaya consolidation.
The ratings are supported by Fitch's expectations of EVRAZ’s positive free cash flow (FCF) generation over the medium term.
For further information:
VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
London: +44 207 832 8990 Moscow: +7 495 232 1370