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Moody's upgrades Ipsco
Moody's Investors Service said it upgraded its senior implied rating for Ipsco Inc. to Ba1 from Ba2, the $200 million 8.75% guaranteed senior unsecured notes due 2013 to Ba1 from Ba2 and the senior unsecured issuer rating to Ba2 from Ba3.
The outlook remains positive.
Moody's said the upgrade reflects Ipsco's strong financial performance, a cash balance greater than gross debt and a favorable near-term outlook for its primary products, steel plate and energy tubulars.
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