Moody's: U.S. Steel positive

Moody's Investors Service said it affirmed United States Steel Corp.'s ratings, (senior implied at Ba3) and changed the outlook to positive from stable. Moody's also assigned a speculative grade liquidity rating of SGL-1.

Moody's affirmed U.S. Steel's 10.75% senior notes due 2008 at B1, 9.75% senior notes due 2010 at B1, 10% Squids due 2031 at B1, senior implied rating at Ba3 and issuer rating at B1.

Moody's said the positive outlook reflects the strengthening performance and debt protection metrics evidenced by the company since January. Despite pressures caused by raw material price increases, good earnings growth is being experienced as a result of higher prices for all steel products and strong demand. In addition, the company remains on track to achieve the expected $400 million in integration and savings from the acquisition of National Steel.

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