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S&P revises U.S. Steel view to negative
S&P said it revised the outlook for U.S. Steel Corp. to negative from stable.
“The outlook revision on United States Steel Corp. follows the announcement of its proposed acquisition of a 49.9% interest in Big River Steel LLC for about $700 million, financed with drawings on U.S. Steel’s upsized $2 billion asset-based loan (ABL) revolver,” S&P said in a press release.
The agency said the company’s decision to fund the acquisition entirely through debt could lead to it exceeding S&P’s threshold for a downgrade, if market conditions weaken.
S&P affirmed its B ratings for the company and its senior unsecured debt.
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