Fitch rates Azovstal B

Fitch Ratings said it assigned PJSC Azovstal Iron and Steel Works long-term foreign- and local-currency issuer default ratings of B and short-term foreign- and local-currency issuer default ratings of B.

The outlook on the long-term foreign-currency issuer default rating is negative, while the outlook on the long-term local-currency issuer default rating is stable.

Fitch also said it assigned the company a national long-term rating of A+(ukr) with a stable outlook. Azovstal Capital BV's $175 million loan participation notes, due 2011, have been assigned a final senior unsecured rating of B and a recovery rating of RR4.

Azovstal is 95%-owned by Metinvest BV, which has B ratings and negative outlook.

Fitch said Azovstal has a weaker credit profile than its parent as leverage and coverage metrics, including guaranteed debt, are weaker than at the parent and because it is operationally and strategically dependent on Metinvest.

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