EVRAZ Plc welcomes the decision by Fitch Ratings to assign EVRAZ plc a long term foreign currency Issuer Default Rating 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 SA, the group's main debt issuing entity as Fitch considers the creditworthiness of EVRAZ broadly equal to that of Evraz Group SA.
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 and expected positive impact of the Raspadskaya consolidation.
The ratings are supported by Fitch's expectations of EVRAZ's positive free cash flow generation over the medium term.