Moody's rates new Ryerson notes Caa2, Caa3

Moody's Investors Service said it assigned a Caa2 rating to Ryerson Inc.'s proposed $600 million senior secured notes and a Caa3 rating to the proposed $300 million senior unsecured notes.

Moody's also assigned Caa1 corporate family and probability of default ratings and a liquidity rating of SGL-3 to Ryerson Inc.

The outlook is stable.

The proceeds from the proposed note offerings will be used to repay debt, including the redemption of Ryerson Inc.'s $103 million senior secured floating rate notes and $369 million 12% senior secured notes, Ryerson Holding Corp.'s senior discount notes and for general corporate purposes.

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