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Provider: Thomson Reuters Stock Report
Provider: Reuters Investment Profile

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Fitch Affirms Novolipetskiy metallurgicheskiy kombinat OAO's and EVRAZ plc's Ratings-Interfax

Thursday, 25 Jul 2013 03:11am EDT 

Interfax reported that Fitch Ratings (Fitch) has affirmed Russian steel producers Novolipetskiy metallurgicheskiy kombinat OAO (NLMK) at BBB- and EVRAZ plc (Evraz) at BB-, the agency said in a press release. Fitch has revised the outlook on NLMK's long-term issuer default rating (IDR) to negative from stable. Outlook on Evraz's long-term IDRs is stable. The revision of NLMK's outlook to negative is due to the increase in its leverage in the fiscal year 2012 above Fitch's expectations. Evraz's performance in FY 2012 was in line with Fitch's expectations. The affirmations follow an industry review, which included an analysis of forecast operational and financial profiles for each steel company over the next three years. Over this period Fitch expects steel products' prices to remain below the 2012 level, although with a gradual recovery year-on-year. The companies’ margins will generally remain under pressure. However, Fitch expects each company's EBITDAR margin to be above 10%-12% over the next three years. This compares well with international peers. 

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