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MOSCOW, May 23. /TASS/. Fitch Ratings upgraded the Long-term Issuer Default Rating (IDR) of the Russian steelmaker Severstal to BBB-from BB+ with the negative outlook, the international rating agency said on Monday.
"The upgrade reflects Severstal's resilient financial performance, despite a challenging market environment, and continued deleveraging," Fitch said.
"The ratings also reflect Severstal's strong operational profile coming from full self-sufficiency in major raw materials for steel making, balanced product mix and strong sales diversification as well as a significant share (50%) of high value added products in total sales," the rating agency said.
Severstal is one of the globally largest vertically integrated steelmaking and mining companies with assets in Russia, Latvia, Poland, Italy, Liberia, and Brazil.