The international rating agency Moody's has upgraded Russian steelmaker Evraz's corporate family rating (CFR) to Ba3 from B1.
The outlook for the rating was changed to stable from positive. Concurrently, the senior unsecured rating of Evraz Group's notes was upgraded to B1 from B2.
According to Moody's, the upgrade and the stable rating outlook reflect the improving performance and financial metrics of Evraz over the last two years, in particular its stable and solid free cash flow, which has enabled to steadily reduce debt.