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S&P rates Evraz notes B+
Standard & Poor's said that it assigned a B+ issue rating to the proposed $500 million of nonguaranteed notes to be issued by Evraz Group SA (B+/stable; Russia national-scale rating ruA).
The issue rating is the same as the corporate credit rating on Evraz, the agency said. S&P assigned a recovery rating of 4 to the proposed notes, indicating the expectation of average (30%-50%) recovery in the event of a payment default.
Evraz will use most of the proceeds from the proposed issuance to refinance existing debt.
Recovery prospects for the proposed notes are supported by the expectation that, in the event of default, Evraz would be reorganized rather than liquidated, given its leading position in its domestic market, vertical integration, low-cost operations and geographic diversity, S&P said.
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