Moody's upgrades EVRAZ to Ba3, stable outlook
EVRAZ plc (LSE: EVR) and Evraz Group S.A. (LSE: EVRZ) (together referred to as “EVRAZ”) welcome the upgrade by Moody's Investors Service of Evraz Group S.A.’s corporate family rating (CFR) to Ba3 from B1. The outlook of the rating was changed to stable from positive. Concurrently, the senior unsecured rating of Evraz Group's notes was upgraded to B1 from B2.
According to Moody’s, the upgrade and the stable rating outlook reflect the improving performance and financial metrics of EVRAZ over the last two years, in particular its stable and solid free cash flow, which has enabled to steadily reduce debt. Evraz Group’s CFR Ba3 “is supported by its strong market share in long steel products, cost-efficient asset base, vertical integration into iron ore and coal, and end-market and global diversification.”
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