Moody's upgrades Ipsco

Moody's Investors Service said it upgraded its senior implied rating for Ipsco Inc. to Ba2 from Ba3, its $200 million 8.75% guaranteed senior unsecured notes due 2013 to Ba2 from Ba3, and its senior unsecured issuer rating to Ba3 from B1.

The upgrade reflects Ipsco's much-stronger financial performance in response to improved market conditions for discrete plate, coil and tubular products, and its much improved capitalization. In consideration of Ipsco's strong credit metrics, low cost position, ability to further reduce leverage as debt matures over the next two years, and the very favorable near-term outlooks for its primary products, plate and energy tubulars, Moody's changed Ipsco's outlook to positive, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.