Summary: Evraz Group S.A.

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The ratings on Russia-based international steel producer Evraz Group S.A. reflect Standard & Poor's Ratings Services' opinion of its fair business risk profile and aggressive financial risk profile. Constraining factors include large debt maturities, high leverage, and limited financial covenant headroom in our credit scenario, as well as exposure to the volatile steel sector and Russian country risks. Supportive factors include a leading domestic market position, especially in long steel products; a high level of vertical integration into its own raw materials; and the group's international operations. In our conservative credit scenario we anticipate moderate growth in profits in 2011 compared with 2010 when the company generated EBITDA of $2.3 billion (17% margin on sales). This is based on: Our...

Companies mentioned in this report are: Evraz Group S.A.
Action: Review

Evraz Group S.A.

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