Concurrently, Moody's has also assigned a (P)B2 rating to the proposed loan participation notes to be issued by, but without recourse to Citigroup Global Markets Deutschland AG & Co. KGaA, for the sole purpose of financing its loan to Severstal.

Due to their limited recourse, the loan notes' rating is based solely on the creditworthiness of Severstal. This is the first time that Moody's has rated the debt of this company. The rating outlook is stable.

05 Febrary 2004