PAO Severstal, one of the world’s leading vertically-integrated steel and steel-related mining companies, announced that Moody’s has upgraded its rating on Severstal to “Baa2” from “Baa3” and changed its outlook from “positive” to “stable.”

Moody’s also raised Russia’s country ceilings for foreign currency debt to “Baa2/P-2” from “Baa3/P-3” and the ceilings for local currency-denominated debt and deposits to “Baa1” from “Baa2.”

The ratings agency underlined that upgrading the ratings of 12 companies from non-financial sectors, including Severstal, was a result of the exhibition of particularly strong credit metrics with a substantial share of foreign-currency
revenue and strong liquidity profiles, which gives them a degree of resilience at times of sovereign stress. Moody’s commented, “All of these entities have robust business models, have low costs for their sectors, and are visible players both in the domestic market and abroad.”