Official actions
Fitch elevates Severstal to investment grade
30.05.2016 10:11
http://www.severstal.com/
23 May 2016
PAO Severstal, one of the world’s leading steel and steel-related mining companies, announced that Fitch Ratings, a global leader in credit ratings and research, has upgraded Severstal to ‘BBB-‘ from ‘BB+’ in its Long-term Issuer Default Rating. Severstal’s National Long-term rating has been upgraded to ‘AA+’(rus) from ‘AA’(rus) and Short-term foreign currency Issuer Default Rating to ‘F3’ from ‘B’.
The upgrade reflects the Company's resilient financial performance as a result of its ongoing strategic focus on enhancing production efficiency as well as successful deleveraging.
The agency also highlighted Severstal’s strong operational profile coming from full self-sufficiency in major raw materials for steel making, balanced product mix and strong sales diversification as well as a significant share of high value added products in total sales.
Alexey Kulichenko, Chief Financial Officer of Severstal, said: “We welcome today’s Fitch’s decision to elevate Severstal to ‘BBB-‘. Cost-control leadership, weighted investments, low debt and a sustained focus on product quality and customer care are at the core of our successful business model and strong financial performance. We are pleased to receive independent recognition for our efforts.”
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