International credit rating agency Moody’s has announced that it has upgraded the outlook of Russian mining and steel producing company Evraz Group to positive from stable and affirmed the company’s Ba3 corporate family rating.
Moody’s stated that the upgrade of the outlook of Evraz Group mainly reflects the significant progress the company has made toward deleveraging in the past 12 months. The upgrade of the outlook also reflects Moody's expectation that Evraz Group will continue to reduce its debt, weigh its dividend pay-outs depending on the steel and feedstock market pricing environment and free cash flow generation, and retain healthy liquidity.