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Fitch upgrades steel producer Severstal to BB, outlook stable

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MOSCOW, June 20 (RIA Novosti) - Fitch Ratings upgraded Russian steel producer Severstal's long-term issuer default (IDR) and senior unsecured ratings to 'BB' from 'BB-,' with stable outlook, the international rating agency said Friday.

Its national long-term rating was also upgraded to 'AA- (rus)' from 'A+(rus)'.

Fitch also confirmed Severstal's short-term IDR at 'B'.

Severstal accounts for over 16% of Russian steel output, and has industrial facilities in Russia, the United States, Italy, France, Britain, and Ukraine.

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