S&P changes Aperam view to positive

S&P said it revised its outlook on Aperam SA to positive from stable and affirmed the corporate credit rating at BB+.

At the same time, the agency affirmed its BB+ issue ratings on Aperam's convertible notes, including the $200 million senior unsecured convertible bonds maturing 2020 and the $300 million senior unsecured convertible bonds maturing 2021. The recovery rating remains unchanged at 3H.

S&P said the outlook revision reflects its view of Aperam's continued strong and resilient operational performance, on the back of past years restructuring and cost reduction.

It also reflects the agency’s view that the stainless steel industry is well positioned to support further increases in EBITDA and free cash flows in the coming years, lengthening the company's track record of operating with lower leverage than ever before.

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