Standard & Poor’s initiates coverage of Evraz with ‘B+’ corporate rating
Moscow, July 28, 2005 – Evraz Group S.A. (LSE: EVR), one of the leading vertically integrated steel production and mining businesses with operations mainly in Russia, welcomes Standard & Poor’s assigning a ‘B+’ long-term corporate credit rating with a ‘Positive’ outlook to Evraz Group S.A. and its core subsidiary Mastercroft Ltd. A ‘B+’ debt rating is also assigned to the notes issued by EvrazSecurities S.A.
In its press release Standard & Poor’s cites ‘…extensive upstream integration into iron ore and coking coal, which helps to control costs through the cycle, a strong market position in long steel in Russia, and diversified end markets’. ‘Standard & Poor’s expects that the group will capitalize on its core advantage, upstream vertical integration, and demonstrate a track record of sustainable actual profitability […] and cash flow generation’.
Commenting on the rating, Pavel Tatyanin, Evraz Group Chief Financial Officer said:
“We are very encouraged by the fact that Standard & Poor’s has initiated coverage of Evraz with such a positive outlook. We believe that this is a clear recognition of the Group’s market position, the competitive advantage achieved through our vertically integrated business model and the management’s clear and focused strategy for future growth.”
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