OREANDA-NEWS. Fitch Ratings has today upgraded Luxembourg-registered Evraz Group S.A.'s ("Evraz") Issuer Default and senior unsecured ratings to 'BB' from 'BB-' (BB minus).

The agency also upgraded Cyprus-registered subsidiary Mastercroft Limited's Issuer Default rating ("IDR") and Evraz Securities S.A.'s senior unsecured notes to 'BB' from 'BB-' (BB minus). Mastercroft's and Evraz's Short-term 'B' ratings are affirmed. The Outlooks for both IDRs remain Stable. Evraz Securities is a 100%-owned subsidiary of Mastercroft.

The upgrade reflects the agency's increased confidence that Evraz's strong business profile as a low-cost, vertically integrated steelmaker with a high degree of self-sufficiency in raw materials will enable it to maintain a conservative financial profile throughout the steel price cycle.

It also reflects the progress made in improving the quality of corporate governance and transparency following the group's initial public offering ("IPO") in June 2005. The agency also notes Evraz's successful track record of integrating acquired assets.