S&P ups Ipsco

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt rating on Ipsco Inc. to BB+ from BB.

The outlook is stable.

The ratings revision stems from Ipsco's much improved financial risk profile, which counterbalances the company's limited diversity and exposure to volatile industry conditions in the North American steel market, S&P said.

The company has realized remarkable benefits from the combination of increasing output and sharply higher prices in the past 18 months, but it remains exposed to large swings in North American steel product prices and scrap steel input costs, the agency noted.

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