Fitch Ratings has affirmed Evraz Group’s long-term foreign currency issuer default rating (IDR) at BB-, with a Stable outlook, short-term foreign currency IDR at B, and senior unsecured rating at BB-.

The rating service at the same time assigned an expected BB-(exp) rating to Evraz’s prospective Eurobond issue.

Evraz plans to use net proceeds from the notes for refinancing purposes. Fitch will assign the notes a final rating upon closure and receipt of final documentation which should largely conform to the information reviewed.

Evraz is one of Russia’s top steel makers, the country’s only producer of rails and the second-largest supplier of wheels.