Evraz Group 'BB-' ratings affirmed on planned acquisitions - S&P |
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Published
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Wed, 12 Dec 2007 15:19
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it affirmed its 'BB-' long-term corporate and senior unsecured debt ratings on Russia-based steel maker Evraz Group SA and its unit Mastercroft Ltd, following Evraz's planned acquisition of US-based Claymont Steel Inc.The Russia national scale rating on Evraz and Mastercroft has also been affirmed at 'ruAA,' with a positive outlook.The affirmation reflects S&P's view that the planned acquisitions are supportive to Evraz's business risk profile, notably the Ukrainian assets, which will increase steel-making raw materials supply and backward integration into iron ore, will improve self-sufficiency, and will serve as an outlet for the group's metallurgical coal, the ratings agency said.The positive outlook reflects the possibility of a one-notch upgrade to the long-term corporate credit ratings on Evraz and Mastercroft in the next 12 -18 months, if strong cash flow generation continues, and leverage remains moderate.TFN.newsdesk@thomson.comssh/ssaCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Evraz affirmed at 'BB' on Claymont Steel, Ukrainian assets buy - Fitch 