S&P gives G Steel, notes B+

Standard & Poor's said it assigned its B+ corporate credit rating to G Steel Public Co. Ltd.

The outlook is stable.

At the same time, S&P said it assigned its B+ rating to G Steel's proposed $150 million senior unsecured notes.

The rating on G Steel reflects its favorable market position, moderate capital structure and steady steel demand growth in Thailand, the agency noted.

These strengths are, however, offset by inherent industry risk, G Steel's increased financial and execution risk associated with its expansion program, lack of product diversity and site concentration risk, S&P said.

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