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S&P puts Big River Steel on watch
S&P said it placed all its ratings on Big River Steel LLC on CreditWatch with negative implications.
The CreditWatch placement follows U.S. Steel's announcement it is buying the remaining equity in BRS for about $774 million, the agency said. U.S. Steel acquired a 49.9% stake in Big River in October 2019 and had a call option to acquire the remaining equity, which it is now exercising.
“We continue to assume Big River's secured creditors will continue to have first access to the Big River collateral package and no residual access to U.S. Steel's assets. Therefore, we are also placing all of our issue-level ratings on BRS on CreditWatch with negative implications in connection with our CreditWatch placement on the issuer credit rating,” S&P said in a press release.
The agency said it aims to resolve the CreditWatch after the transaction closes.
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